As the owner of an Explorer with a 45 minute commute to work I can empathize with others on the continuously rising cost of gas. Just yesterday I spent almost $70 filling up my tank. What’s worse is that it looks as though there is no relief in sight and prices could continue to rise.
So, like many of you, I have spent a lot of time trying to find a solution that would ease my gas expense a little, and yesterday, I possibly found said solution. A new service from MyGallons.com allows individuals to pre-purchase gas and lock in today’s gas prices for the future.
How it works:
To sign up for a MyGallons Card, you have to pay an annual membership fee of $29.95. Up to three cards can be linked to one account, and the membership fee has a money-back guarantee if you don’t save money on at least one redemption during the year.
You can monitor your current MyGallons price – a fluctuating quote that’s good for purchase of unleaded gas at a particular point in time, including estimated local taxes – and prepurchase gas when you see the price you like.
Purchasing gas is just a matter of visiting a gas station where the MyGallons Card is accepted. The amount that you pump is automatically deducted from your MyGallons account balance, with adjustments automatically made for more expensive grades or types of fuel.
If you pump fuel from a filling station for less than the lower end of the MyGallons range on that day, you will receive a credit, in gallons, or to your account.
Now, for those of you who are wondering how MyGallons can afford to have such a business model...
More than 80% of the prepurchase money spent through MyGallons is placed in an escrow account and invested in Money Markets and Government-backed notes while the remainder is used for financial transactions to accommodate gasoline price changes.
The service is not up and running just yet, due to a last-minute issue with US Bank, the company is currently in the process of negotiation with other payment networks to allow the MyGallons Card to be accepted at most stations in the US that already accept credit cards.