Thursday, October 07, 2004

Double Whammy / Shark Bites

The squaliformes are secretly excited by the pressures gasoline prices are putting on their prey's finances.

In a little over a year, the amounts charged by their victims for gasoline have nearly doubled, and they are salivating over the millions being added to credit card accounts every day.

Every 10 cent per gallon increase means the average driver will probably pay about $1.50 more (per 15-gallon fill up), and if they do that just once a week, that's about $6.00 more per month. Given usurious credit card rates credit card companies are allowed to use, that means about $0.11 (eleven cents) in additional interest per month for every month the charge remains on the card. Doesn't sound like much until you multiply it by the millions of consumers who use their credit cards to buy gasoline and don't pay them off every month.

Bottom line: While inflation isn't growing and raising prices for a lot of other consumer items, every penny increase in gas prices translates to about 1.1 cents in interest per month, per credit card consumer for the squaliformes.

You can hear them cheering if you get close enough to the water.

The Honorable Judge Roy Bean.

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