WASHINGTON — Retailers that support a legislative cap on card interchange are still using high gasoline prices to justify their approach.
In a recent flier, the Merchant Payments Coalition suggested that cutting card interchange is the only way to quickly and effectively cut the per gallon price of gasoline.
"With one shining exception, every idea for slashing gas prices either takes too long or is very controversial," the merchants wrote. "For example, Americans will save three-and-a-half cents per gallon from drilling in ANWR [Arctic National Wildlife Refuge]–but only by 2027. And a federal gas tax 'holiday' would only temporarily, if noticeably, reduce gas prices," the MPC wrote.
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The MPC did not mention that Visa has capped interchange from gasoline sales or that service stations have already begun offering lower-priced gas to consumers who use cash. A picture on the flier depicted a man dressed in business clothing pumping gas with a large screw through his back.
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