6/30/22 Swipe Fees Add to Inflation for Americans Celebrating July 4 Swipe fees will add hundreds of millions of dollars to the cost of everything from food to fireworks as Americans struggling amid rampant inflation celebrate Independence Day this year, according to the Merchants Payments Coalition, of which NACS is an executive committee member. "Consumers are eager to celebrate this Fourth of July, but credit card fees are adding to the cost of the holiday," MPC executive committee member and NACS General Counsel Doug Kantor said. "Swipe fees are a percentage of the transaction, so they go up whenever prices go up and are a multiplier effect for inflation. The fees can be the equivalent of another box of sparklers or package of hot dogs and are money that disappears up in smoke more than anything Americans shoot into the sky or put on the grill. That's a windfall for the card industry but less sparkle for consumers watching their wallets." 6/30/22 U.S. Should Stop Exporting Oil Until Gas Prices Go Down, Says Powerful N.J. Lawmaker The U.S. should stop exporting oil until the supply of gasoline goes up and prices go down, House Energy and Commerce Committee Chairman Frank Pallone Jr. said Thursday. Pallone, D-6th Dist., urged President Joe Biden to declare a national emergency and end exports for now. A 2015 law enacted by a Republican-controlled Congress allowed the U.S. to export oil for the first time. . . Under the law, the president can end oil exports by declaring a national emergency, or during sustained periods of high prices that threaten jobs at home, Pallone said. The White House did not immediately respond to a request for comment. 6/30/22 Governor Murphy, lawmakers criticized for killing vote on bill to offset business tax hikes Not among the flurry of bills passed during the Legislature's last scheduled day of voting before a summer recess was a measure that would have offset impending unemployment insurance tax hikes, and the bill's lack of movement has business leaders angry and one state senator pointing fingers at the governor. The bill would have provided tax credits to some employers to make up for what business owners say is a $300 million tax hike coming Friday. The tax hike is intended to replenish the state's unemployment fund, which pays for jobless claims and was left depleted after claims skyrocketed during the pandemic. But the measure was pulled on Wednesday from the Senate's agenda. The move led to sharp criticism from business groups. Christina M. Renna, president & CEO of the Chamber of Commerce Southern New Jersey, said in a statement the Senate's failure to act will lead to "unfair tax increases on businesses that state government had the power to stop, but instead chose to turn a blind eye to." 7/1/22 High gas prices worth it for 'future of liberal world order,' White House economics adviser tells CNN White House economic adviser Brian Deese suggested the pain at the pump was a price Americans had to pay for the "future of the liberal world order," in a CNN interview on Thursday. "CNN Newsroom" host Victor Blackwell played a clip of President Biden telling a reporter at Thursday's NATO Summit that Americans can continue to pay a premium for gas "as long as it takes" to win the war in Ukraine. Blackwell asked Deese how the White House would respond to Americans worried that they won't be able to survive paying close to or over $5 a gallon, potentially for "years" to come. . . Deese initially responded, "What you heard from the president today was a clear articulation of the stakes. This is about the future of the liberal world order, and we have to stand firm." The comment caused a stir on social media. 7/1/22 It's Official: NJ Drivers Can Renew Licenses For Free
If you have a driver's license in New Jersey and it's up for renewal, you are in for a pleasant surprise. Assemblyman Paul Moriarty, D-Gloucester, sponsored legislation that has just been signed by Gov. Phil Murphy that will "waive the fee for renewal of your driver's license, motorcycle license, commercial driver's license or even for a non-driver ID card for a one year period. "Instead of having to pay a $24 fee to get their license renewed they'll pay nothing, and that applies to not just drivers licenses for cars but also motorcycles, commercial vehicles," said Moriarty. New Jerseyans with a driver's license that expires any time from October of this year until the end of September 2023 won't pay a renewal fee. He said this is part of a larger effort to finds ways to help people out in New Jersey at a time when inflation continues to spike higher. 7/2/22 Biden Blasted Over 'Do It Now' Demand On Privately Owned Gas Stations: 'It's YOUR Fault' Democrat President Joe Biden was slammed Saturday afternoon on social media after he tried to blame high gas prices on gas stations and demanded that they immediately lower the prices that they are charging at the pump. Biden's absurd claim comes after NBC News reported earlier this year that gas stations make "15 cents a gallon on average, according to the National Association of Convenience Stores." "My message to the companies running gas stations and setting prices at the pump is simple: this is a time of war and global peril," Biden tweeted. "Bring down the price you are charging at the pump to reflect the cost you're paying for the product. And do it now." . . . Biden's claim generated backlash and mockery online from a wide range of top business and political leaders. 7/4/22 How A Controversial Shipping Law Is Swaying The Price Of Gas One part of the cost of oil involves its transportation. Fuel moves around the U.S. via rail, pipelines and ships such as tankers and barges. Ships that operate from American port to American port must follow the Jones Act, meaning they're built in the U.S. and owned, operated and crewed by Americans. These ships are costly. The average U.S.-flagged ship costs around $20,000 a day to operate, compared to $7,400 for a foreign-flagged ship, according to a 2011 Department of Transportation study. These ships are also more expensive to build - six to eight times pricier than a foreign vessel, according to a 2017 Congressional Research Service report. Despite these costs, it doesn't appear waiving the Jones Act would really do much to address the cost of gas in the short term. However, waiving it in combination with limiting exports could help drive down the cost. Here's why. 7/4/22 NJ To Lower Electric Vehicle Incentive, Wants To Spread $35M Among More Buyers As New Jersey's electric vehicle incentive plan enters its next phase, the state's Board of Public Utilities wants a little more mileage out of its money. The state board's Charge Up program plans to reduce its maximum incentive for the 2023 fiscal year to $4,000 in an effort to "allow the existing funding to go further and provide more incentives for EVs in New Jersey," BPU records show. Most recently, the program provided residents up to $5,000 off the purchase or lease of new, eligible zero-emission vehicles, including battery electric and plug-in hybrid electric models retailing for less than $55,000. 7/5/22 There's One NJ Costco Gas Station NOT Asking For Proof Of Membership
Starting Tuesday, Costco gas stations across the Garden State began requiring that all purchasers be active Costco members. But at one New Jersey location, and only one, anybody from anywhere is still eligible to purchase gasoline: 100 Centerton Road in Mount Laurel. In fact, if the station starts asking motorists for proof of membership, the township could take the company to court. "We reached out to them on Friday and put them on notice again, and said we know this is starting next week across the state, but it will not happen in Mount Laurel," George Morris, township solicitor, told New Jersey 101.5. The exemption stems from the fact that gas pumps were not originally part of the site's plans and construction. It wasn't until the wholesale club was up and running that Costco came to the township and indicated that it would like to add a gas station. 7/5/22 Dozens Of Catalytic Converters Stolen From Parked Trucks In Lakewood, NJ
Thieves stole dozens of catalytic converters from trucks parked at an industrial park during the Fourth of July holiday weekend. The trucks were parked at the Lakewood Industrial Park early Monday when catalytic converters were missing from 40 to 60 trucks, law enforcement told The Lakewood Scoop. Video captured one person coming out from under a truck in the parking lot around 3 a.m., according to the timestamp. 7/6/22 Teens In N.J. Will Now Be Able To Work Longer Hours As Murphy Signs Law Some teenagers are now permitted to work longer hours during the busy summer months in New Jersey under a bipartisan bill Gov. Phil Murphy signed into law Tuesday as employers in the state continue to face staffing issues. The law (A422) allows 16- and 17-year-olds to work up to 50 hours a week and up to 10 hours a day during the summer months in the Garden State. It makes permanent a 2021 expansion of working hours in the state. The measure also clarifies the hours of the day that 14- and 15-year-olds, who can work up to 40 hours a week during the summer, are permitted to work. 7/6/22 Biden's Shameful Gas-Station Attack For Joe Biden, the buck stops with small independent business owners trying to make ends meet. Over the holiday weekend, the president slammed gas stations for the purported sin of not passing along declining oil prices to motorists. Biden took to Twitter to urge "the companies running gas stations and setting prices at the pump" to heed his message: "Bring down the price you are charging at the pump to reflect the cost you're paying for the product." . . .The United States Oil and Gas Association mockingly recommended that the intern who posted the tweet should sign up for Econ 101, but it's worse than that. Biden has hit the gas stations before on the same grounds. It's hard to know where the economic illiteracy ends and the shameless demagoguery begins. Regardless, it's another indication that the president's approach to inflation is to cast about for scapegoats and villains, no matter how implausible. 7/6/22 Crude Oil Prices Plummet, Now Under $100 The national average for a gallon of gasoline is $4.80, down eight cents over the past week, according to AAA. "Domestic gasoline demand dipped recently, which took some of the pressure off pump prices. About 80% of stations are now selling regular for under $5 a gallon," said Andrew Gross, AAA spokesperson. "But July is typically the heaviest month for demand as more Americans hit the road, so this trend of easing prices could be short-lived." Yesterday, the benchmark U.S. oil price closed below $100 a barrel at $99.50-marking the first time it's closed below $100 since early May. It's also the largest one-day percentage decline since April, reports the Wall Street Journal. 7/6/22 FDA Suspends Ban on JUUL Products The Food and Drug Administration (FDA) is suspending its ban on JUUL vaping products while the company appeals the agency's decision, reports the Wall Street Journal. "On July 5, 2022, FDA administratively stayed the marketing denial order. The agency has determined that there are scientific issues unique to the Juul application that warrant additional review. This administrative stay temporarily suspends the marketing denial order during the additional review but does not rescind it. All electronic nicotine delivery systems, or ENDS products, including those made by Juul, are required by law to have FDA authorization to be legally marketed. The stay and the agency's review does not constitute authorization to market, sell, or ship JUUL products," the FDA said via Twitter. |
