MIAMI -- MyGallons, a fixed-price gasoline savings program that allows people to pre-purchase gasoline, has been launched. After registering on the website, www.mygallons.com, and receiving a MyGallons Card, members will be able to pay the current price for gasoline to be stored in their accounts as a credit balance in gallons, regardless of how high the price at the pump may have risen. Members can then use their secure MyGallons Card to fill their tank at more than 95% of the nation's gas stations, the program's creators said.
The [image-nocss] MyGallons Card is swiped right at the pump just like a debit card.
"By allowing consumers to pay for quantities of gas at current prices, MyGallons provides them with a solution to cope with gasoline price increases," said Steven Verona, founder and CEO of MyGallons. "While everyone seems to want to point fingers and place blame for the staggering rise in gas prices, I am proud to say MyGallons is actually doing something to help the consumer save money."
Miami-based MyGallons offers two annual membership options. The auto-refill plan costs $29.95, while the self-replenishment plan costs $39.95. A nominal fee will be assessed at the time of account replenishment. Members may access their account via the website to check their savings, transaction history, balance in gallons and pay for additional gasoline to add to their account. Customers can be alerted via email and text message when their balances are nearing zero, so they may add additional gallons to their account.
A member's price per gallon at the time of purchase is based upon the average gasoline price in the zip code of their account's billing address. For example, if a customer pre-purchases fuel for $4 per gallon and redeems six months later when gasoline prices have risen to $5 a gallon, the consumer saves $1 per gallon. If analysts' predictions of much higher prices prove correct, the average American driver will experience significant savings with MyGallons. In addition to significant savings, MyGallons offers its members convenience and freedom as the gasoline redemption program uses the Voyager fleet network, owned by US Bank, which is accepted at more than 95% of gas stations nationwide.
Separately, Gas Bank USA LLC, Boynton Beach, Fla., is launching www.gasbankusa.com, a website where it will introduce its fuel card for consumers, businesses, over-the-road truckers and fleet owners to lock in their gasoline and diesel prices.
GasBankUSA members can lock in and purchase gallons at the daily AAA National Average Fuel Price, which is the benchmark for retail fuel price reporting, plus a small transaction fee. Then they use the GasBankUSA fuel card to make their purchases at the pump, and they never pay more than their locked in price. The card is accepted at more than 95% of all gas stations including the major brands, independents and c-stores, the firm said.
The company will offer individual, family and fleet memberships, starting at $19.95 per year. Individual accounts include a single GasBankUSA fuel card. Family accounts include up to three cards. Fleet accounts include detailed reporting, exception monitoring and card control features such as daily usage caps. Members will be able to view and update their account, purchase gallons and generate reports at the interactive and secure website.
To manage the constantly changing fuel marketplace, GasBankUSA has developed a proprietary hedging portfolio.
The website is currently live with information about the program, how it works, historical gasoline prices and a registration page for interested consumers and businesses to be notified once the site launches. GasBankUSA expects to be live in fourth-quarter 2008.
GasBankUSA is a division of Boca Networks.com LLC, a web marketing and development company in business since 2003.
Also, Shreveport-Bossier City, La.-based Evans Consolidated Industries (ECI), a product development company, recently launched the Gas Assurance Plus program, a gasoline savings plan by which the customer locks in a gasoline price by purchasing packages determined by the miles the motorist drives in a given year's time.
Packages come in 12,000- , 24,000- and 36,000-mile lengths and in one-, two- and three-year terms. Each of these packages delivers savings by locking in the fuel price. Package prices start at $499.95 for the 12,000 mile, one-year package, up to $1,599.95 for the 36,000 mile, one-year package.
"You simply fill up like normal," ECI's Joseph Evans told KSLA-TV. "Once a month, you send us your receipts and then we send you the difference over your locked-in price."
The news outlet had Tim Shaughnessy, an economics professor at Louisiana State University-Shreveport look over the concept. He said based on his calculations, the figures do not add up.
"It's a gamble to me," he said. "You're guessing whether you think the gas prices are going to increase that much."
Using his own vehicle and gas usage as a model, Shaughnessy calculated his potential savings. He based it on him signing a one year, 12,000-mile contract with a $500 up front fee and a locked-in price of $3/gallon of gasoline. He said the price at the pump would have to be $1.25 more than his negotiated price for him to just break even. "It's a decision people are going to have to make on their own, whether they think the gas prices are going to be that much higher."Members help make our journalism possible. Become a CSP member today and unlock exclusive benefits, including unlimited access to all of our content. Sign up here.