Many investors at wall street are worry that a recession is near. The price of crude was 100.78 as of Friday bringing the gas prices at an average of 4.59 a gallon
Chicago Mayor Lori Lightfoot will dedicate $12.5 million of city and federal stimulus funds to help residents deal with surging gas prices. The city of 3 million people will give away 50,000 prepaid $150 gas cards and 100,000 $50 Chicago Transit Authority cards. Residents must have a household income at or below 140% of the area median income to qualify.
Natural gas prices in Europe declined as fears eased about supply disruptions resulting from Russia’s decision to shift payments to rubles.
Benchmark gas futures settled 11% lower, trimming this week’s gains. The Kremlin said gas will continue to flow with payments for fuel supplied from April 1 only due by the end of the month. President Vladimir Putin’s demand to be paid in the Russian currency has been affecting the market for days, with traders on edge about how that may affect supplies.
Visa and Mastercard Changes Rules for Gas Stations to Avoid $125 Pump Limit
Some drivers have been forced to pay twice for a fill-up
Mastercard, Visa planning series of changes to retailer fees
Visa Inc. and Mastercard Inc. are planning a raft of changes to rules for gas stations to allow larger transactions after a surge in fuel prices across the U.S. made it hard for some drivers to fill up using credit cards.
Many gas stations have a $125 limit for Visa transactions at the pump because larger transactions trigger higher fees for certain cards, as well as additional liability in the event of fraud. In recent months, that’s forced some customers — those who drive large SUVs in states with high fuel prices, for example — to pay using two transactions to top off their tanks as reported by thewallstreet journal
Starting next month, the San Francisco-based company will quadruple the maximum transaction amount that carries better interchange rates for purchases made with small-business and commercial cards, according to a document seen by Bloomberg. Visa will also raise the fraud-liability threshold to $175, according to a person familiar with the matter. Taken together, the moves should mean gas stations can raise limits and fewer consumers will face pump shutoffs.
“In response to increased fuel prices, Visa is making an adjustment,” according to the document. “This change will ensure the best-available interchange rates are received for larger fuel transactions, which should lead to fewer pumps shutting off while cardholders are refueling.”