Conesmasher Posted July 4, 2008 Report Share Posted July 4, 2008 I often wonder how up to it regular people would be. But if you could buy gas in gift cards, by the gallon, and not by the dollar.........would you? You would be effectively speculating on gasoline, but would it be cost beneficial?? What do you think? Looks like someone wants to sell you the solution. http://mygallons.com/index.html Quote Link to comment Share on other sites More sharing options...
SPLN SUX Posted July 4, 2008 Report Share Posted July 4, 2008 Too bad they didnt do this when gas broke 2 bucks a gallon... Profit. Quote Link to comment Share on other sites More sharing options...
evan9381 Posted July 4, 2008 Report Share Posted July 4, 2008 you'll feel dumb if gas were to ever go back down below todays prices. at all. Quote Link to comment Share on other sites More sharing options...
Guest schnitzelwagen Posted July 4, 2008 Report Share Posted July 4, 2008 i heard about something like this a while ago. im sure someone is going to step in and bring an end to it before it becomes too good Quote Link to comment Share on other sites More sharing options...
Trouble Maker Posted July 5, 2008 Report Share Posted July 5, 2008 http://consumerist.com/tag/mygallons/?i=5022061&t=bbb-says-mygallonscom-omitted-fact-in-advertising-has-no-contract-to-process-transactions BBB Says MyGallons.com "Omitted Fact" In Advertising, Has No Contract To Process Transactions The BBB says its concerned about gasoline-hedging company MyGallons.com and its ability to live up to the advertising claims on its website. A spokesperson for the BBB tells us that the biggest "red flag" they've discovered is that MyGallons claimed (in their press release) to have partnered with US Bank. However, when the BBB called US Bank to confirm this, they found out that it wasn't true. US Bank had discussed the opportunity with MyGallons, but had declined. According to the BBB, despite the fact that they have no contractual agreements in place to process transactions, MyGallons is still signing up new customers. The BBB has added this warning to MyGallons' reliability report. "The Bureau is concerned that the company's advertising contains a material omission of fact. Specifically, while the website proclaims that any gas station in the US that accepts credit cards will accept the My Gallons Card, however the company has informed the Bureau that no contractual agreements to process the card have been made as yet." Here's the statement from MyGallons.com's press release: "In addition to significant savings, MyGallons offers its members convenience and freedom as the gas redemption program uses the Voyager fleet network, owned by US Bank, which is accepted at over 95% of gas stations nationwide." MyGallons.com's, spokesperson, Greg Salsburg, told Consumerist that their partnership with US Bank was just for a "pilot program" and that they are currently in negotiations with another company. He said they expect to have a big announcement next week about their new transaction partner. He also said MyGallons is "comfortable and confident" that the deal will go through, and that current customers will not be affected. It even says this right on their website. MyGallons has learned that its prior vendor, GoGas Fleet, the reselling partner for US Bank's Voyager Network, is no longer able to honor our agreement to provide its services to our members. MyGallons is currently in negotiations to team with one of the competing national payment networks to create an exciting program to ease the cost of rising gas prices. Quote Link to comment Share on other sites More sharing options...
ImUrOBGYN Posted July 5, 2008 Report Share Posted July 5, 2008 Guess we'll just have to wait and see. The craziest deals/scams come out at times like this. I don't think I'd currently be willing to take a chance at the moment. Quote Link to comment Share on other sites More sharing options...
Alex1647545498 Posted July 5, 2008 Report Share Posted July 5, 2008 Yup, I'll wait and see. Quote Link to comment Share on other sites More sharing options...
zeitgeist57 Posted July 5, 2008 Report Share Posted July 5, 2008 Independent of Trouble Maker's post, the first thing that comes to mind is: Great idea, but good luck getting any individual gas stations or chains to accept MyGallons. There is NO MONEY in selling retail fuel anymore. That's one of the reasons why so many major fuel chains amped up their convenience stores; that's where the money is made. However, if you find the concept of a futures contract interesting, check out Southwest Airlines' story...they still have a futures contract out for jet fuel at $2.83 a gallon. The higher jet fuel goes, the more they've saved. I think it's something like $30 billion in the last QUARTER of fuel savings from having this contract in place. http://papers.ssrn.com/sol3/papers.cfm?abstract_id=578663 http://www.usatoday.com/travel/flights/2007-04-19-southwest-posts-first-quarter-profit_N.htm Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.