Remember when gas was 99 cents a gallon? Well, 99.9 cents, however it was only 10 years ago we saw those prices. We won’t ever get back to that state (unless we become non-Dependant on fuel). We can prevent paying more than what we are now.
You know you can lock in a Gas rate via the web? Just like many other commodities, you can buy gas now and use it later. There are companies out there that will help with this and you don’t need to keep the gas in a big tank in the back yard.
mygallons.com is one of a few websites out there that is letting you do it. You pay a membership fee, then you buy gas in bulk for $3.50 a gallon. You drive up to the participating location, use your card, pump your gas and go.
Of course locking in a price can definitely show an adverse possibility. If gas prices ever dropped down from your locked rate, you would be paying more. Then again, you would just pay regular prices until it’s feasible to use the card again. That, or lock in a new rate.
Buying Gas in bulk is not really a new concept. Company Fleets and businesses do this all the time. State, Province or local officials would buy gas or E85 gas in bulk to fill their company cars. Locking a rate has the ability to set a budget for gas use.
Car dealerships are getting in on this action. Some are offering a Gas card with purchase of your new car. Chrysler ran a deal a couple months back where for the next 3 years you would get 12,000 miles worth of gas a year at 2.99 a gallon. Once again, you get a card you would use at participating dealerships.
Fuelbank.com is another website that lets you lock in a gas rate. They don’t have the startup fee, however, their website is a little ‘thin’ on information. I didn’t see a participating locations map. I would guess you can’t lock in fees for Shell gas, then go to an Amoco to fill up.
Of course the real question is “Is the average consumer going to do this?” Most likely not – Gas is at 3.689 right now. To make it worth anything, you would want to purchase at least 1,000 gallons of gas. That is 3,689. To make it really profitable, you would buy 5 to 10 thousand gallons. Then in 5 years when everyone is paying 6 to 15 dollars a gallon, you are still able to afford your trips (in theory, that is).
Fuel efficient cars of course are the best answer to solve these problems. Fuel free dependant cars are even better. While we have a couple years to really start seeing mainstream vehicles that could take us across country on one tank of gas, we have to suffer with gas rates to get from point A to B.
So therefore, locking in a rate – in the long run – is not a bad idea. It’s better than running to the local store to fill up when you know the price is going to jack up 10 cents within an hour. If you have four thousand dollars lying around that is…