Locking In Low Gas Prices

GasBank.com, a new start up expected to launch within the next few months, is promising to let customers buy as many gallons of gas as they want, at today's price, and pump it into their car whenever they like.

How does it work? The idea is to pool the money of multiple members and hedge the price of gas in the futures markets. There will be fees, between $20 and $25 to sign up and 1-2% on each transaction, but for the savvy gas buyer, it could total big savings.

But you might not want to be the first customer to sign up. Mygallons.com launched a few months ago, but had to stop when they encountered problems with their payment system. When we researched this report, they were still trying to work it out.

Still, in today's world of rising gas prices, companies like this offer a way for the average person to fight back.

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  • by William Ruhollah Location: La Jolla, CA on Sep 11, 2008 at 08:38 AM
    Great! Another "gee whiz, might work" article, for a new hedging scheme, just like the dozens of cheery blurbs that drove folks into MyGallons.com. It's "a world of rising gas prices" but, duh, they're falling. Even with rising prices, simple calculations showed that consumers would have to purchase thousands of dollars worth of gas "futures" to realize meaningful savings. Like in any betting scheme, "the house always wins".
  • by Anonymous on Sep 10, 2008 at 03:39 PM
    end the war and lower the gas prices


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