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what about gas prices...?

007tallguy

Elite Member
Joined
Oct 17, 2010
Messages
7,372
Location
Nova Scotia, Canada, eh.
well, it looks like the Canadian penny is finally being phased out of production and eventually out of circulation in the near future.
with that announcement, one product on the market comes to mind: GAS!
gasoline is the only product on the market that you will ever see priced at a tenth of a cent. it'll go up by 2.9 cents/liter, or go down by 1.3 cents/liter, etc, but what's going to happen when that penny is gone. will every gas price increase (and the occasional decrease) be at a ridiculous rate of 5 cents/liter every time the price changes?
well, it's highly unlikely the oil company's are going to be losing any of their multi-billion dollar per year profits just because the penny will no longer be around. :mad:

end of rant.

Pete
 
I love how

I love how the gas companies CEO's said it was un American for them not to receive subsidies . How un American is it to gouge the nation and cripple an economy? Bunch of criminals, just like the banks,the drug companies, and insurance companies. I know I could probably add more to the list.
 
that is a good point, hopefully the states don't follow. it would actually be smarter to do away with the nickel, after all i get far less nickels in my change and after all it does cost the gov about twice the value ta make them. if they did away with the penny i'm sure then our PA sales tax would jump from 6 cents ta 10 cents.....heaven forbid the state lose a penny on a sale
 
I would think that the removal of the penny from circulation would only affect cash transactions. ie: If your total purchase ended in one cent increments, the exact amount would be charged to a credit/debit card. If you opt to pay cash for the purchase, the amount of the purchase would be rounded to the nearest five cent increment. For example:

Total purchase....$59.83....$59.82
Amount charged...$59.83...$59.82 (exact amount)
Cash payment...$59.85...$59.80 (rounded)

I seriously doubt that the pricing of individual items or sales tax on items will be changed in five cent increments.
 
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