Across the nation, gas prices continue to rise causing people everywhere to cut back on traveling or cut back on other expenses to afford the gas. There is a new service out there that promises to save you money on gas by allowing you to lock in the price. This means that no matter how much gas prices rise, you will still only pay the same rate for gas.
The service operates much the same way as other suppliers of home heating oil or natural gas. You agree to prepay for so many gallons of gas ahead of time. Then that gas is supplied to you throughout the year as needed.
With MyGallons.com, this management comes in the form of a gas card that is accepted at “95 percent†of all of the nation’s gas stations, according to MyGallons.com. You simply use the card to pay for your gas, and you’ll get the prepaid rate. If gas prices go up then you win. If they go down, then you will lose money.
There are also fees involved with MyGallons.com. First off is a membership fee. It is $29.95 if you have your card reloaded whenever it goes below 15 gallons, or $39.95 if you choose to manually reload the card. There is a fee of $1.95 every time you use the card, and a $15 overdraft charge if you let your balance run out.
So, is this service worth it? I can’t give you a clear answer, yet. There is always the risk that you could be locked in to a higher rate if gas prices go down (which they show no sign of doing anytime soon). And because you have to prepay for your gas, you are tying up money that you might need elsewhere.
I am a big fan of the budget plan for our home heating oil. We can lock in a rate that will be stable for the whole winter. But this rate and the amount of oil we get is based on factors such as the number of degree days and how frugal our household is with oil. This is all calculated nicely by the oil company, and any balancing comes out at the end.
MyGallons.com is a bit different.
I would love to hear from anyone who is considering this service.
Mary Ann Romans writes about everything related to saving money in the Frugal Blog, technology in the Computing Blog, and creating a home in the Home Blog. Starting June 1st, don’t miss her articles in the Baby Blog. You can read more of her articles by clicking here.
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