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Old 07-01-2008, 10:44 AM   #1
Ozz
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Check this out.

What is the deal with 'Mygallons.com'.
I just saw it on Fox news, it looks like a fee of around $39.00, and you can buy an amount of gas at today's price, lock that in for the future, gambling on the price of fuel not lowering. I guess around 95% of stations take the debit card.
Worth looking into???
http://mygallons.com/
 
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Old 07-01-2008, 12:34 PM   #2
rogue
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Ozz, Thats $29 or $39 a year depending on the plan. So you need to buy enough and have the price go up enough that you can save the annual cost. Thats about $0.20 per gallon on an initial purchase of 200 gallons to cover the $39. After that either more gallons or higher price and you start to save. Unfortunately you only lock in the price for what you buy up front. It might be a real deal if they allow you for $39 to lock in a price that would be good for a full year with no advance purchase. Also when you use the card outside your home area, you are charged a different price based upon where you fill up, taxes and other factors. At least thats the way I read it.

If fuel price goes down you can have a nice saving account and not use the card until they go up again.
Bob
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Old 07-04-2008, 01:55 AM   #3
Fjkiss
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sorry Ozz but it looks like a scam to me read ALL the FINE print!!
you lose any time they want to close the door
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Old 07-04-2008, 02:15 AM   #4
Bill-N-Donna
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I think I'd rather take it as it comes. I can cut back on the usage of gas by driving the D/W's car when traveling to work but I still like driving the truck a lot more.
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Old 07-04-2008, 02:41 AM   #5
richfaa
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That is a interesting concept...We did it with our natural gas usage..Locked in a price for 3 years.. That is called speculation same thing that is now driving the price of energy up. Right now..today..if you travel a lot the odds may be in your favor that the price of fuel will not come down.. Example if we could have done that in November of 07..diesel 2.53/2.57 per gallon..5 months later it was over 4.00 per gallon. This is still not Nov 08 at nearly or over 5.00 per gallon..That is what speculation is all about..Welcome to the commodities market. We chose to cut back fuel usage thereby saving even more. But we are thinking hard about doing it.....Maybe....
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Old 07-04-2008, 03:25 AM   #6
stiles watson
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If it sounds a bit too good to be true, it probably is.
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Old 07-04-2008, 03:48 AM   #7
exav8tr
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Did you read the bit about Diesel costing more? I agree with Stiles, BUT it sounds good in theory. I guess I'm not that trusting anymore. Thanks OZZ for bringing this up. It is food for fodder.....If only we could view the future!!!!!!
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Old 07-04-2008, 04:55 AM   #8
richfaa
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Actually the utility companies have been doing that for some time...Both natural gas and electric companies. We locked in rates for 2 or three years and it worked for us. It is just speculative both on the part of the offering company and the the buyer along with the associated risks. ...My gallons.com is speculating that the price of fuel will decrease and the buyer will have purchased at a higher price so the user will not use the plan...My gallons makes money. Such is speculation..
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Old 07-04-2008, 06:37 AM   #9
jjackflash
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What I saw on the news was the stations weren't honoring the card!
Jack
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