Consumers Looking for Relief at the Gas Pump, Not More PR Spin From Lobbyists in...

Consumers Looking for Relief at the Gas Pump, Not More PR Spin From Lobbyists
in Washington, DC
NACS Pumptopper Gimmick Misleads Consumers about High Gas Prices

WASHINGTON, July 31 /PRNewswire/ -- Today, the Electronic Payments
Coalition called on gas retailing members of the National Association of
Convenience Stores (NACS) not to display "pumptopper" advertisements that
mislead consumers about the cause of high gas prices. The NACS ad gimmick is
part of a high-cost lobbying campaign designed to provide a financial windfall
to the world's most profitable companies at a cost to consumers.
"American consumers are looking for relief from skyrocketing gas prices --
not gimmicks from a high priced lobbying campaign designed to line the pockets
of the largest and most profitable retailers," said Peter Madigan, executive
director of the Electronic Payments Coalition. "This sort of deceptive
advertising campaign about the cause of high gas prices does not do consumers
any good and insults their intelligence."
Congress is currently considering legislation that would provide large
retailers an antitrust exemption that would legalize collusion in order to
artificially lower the prices they pay to accept credit and debit cards. This
government intervention to lower retailers' costs of doing business will
ultimately increase the cost of credit for consumers, decrease or eliminate
card reward programs, and reduce access to affordable credit for those who
need it.
As an alternative, the Electronic Payments Coalition has provided free
posters and flyers -- available as a download through the EPC website
(http://www.ElectronicPaymentsCoalition.com) -- to help them educate their
customers on the true costs associated with a gallon of gas, as provided by a
credible source -- the U.S. Department of Energy.
"It is grossly misleading -- and frankly not even believable -- to imply
that the penny or so per dollar merchants pay to accept credit cards has
anything to do with skyrocketing gas prices," said Madigan. "Credit and debit
cards offer significant benefits, both to the gas retailers that accept them,
and to the customers that pay with them. It is important that consumers have
a clear understanding the full picture here."
According to the Energy Information Administration, which are official
energy statistics from the United States government, the price for a gallon of
regular gasoline breaks down accordingly: crude oil (74%), taxes (10%),
refining (9%) and distribution and marketing (7%).
About the Electronic Payments Coalition
The Electronic Payments Coalition is dedicated to protecting consumer
value, choice and competition in the electronic payments system. The
coalition is a broad-based group of payment card networks, financial services
companies, and financial services trade associations whose primary goal is to
educate policy-makers, consumers and the media about the value of electronic
payments systems -- including economic growth, convenience, speed,
reliability, and security -- and to ensure the continued growth of global
commerce by promoting consumer choice and the stability of the vast payment
networks that connect millions of consumers with millions of retailers each
and every day.
SOURCE Electronic Payments Coalition

EPC Media Line, 1-800-330-9EPC