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mygallons.com

Discussion in 'The Lounge' started by iam20fan, Jul 2, 2008.

  1. has anyone tried this yet? is it legit? this is a 29.95 yearly fee.
     
  2. I have said in the past that the ability for everyday people to purchase gasoline futures would at least help us save money. Im gonna go research this, where did you hear about it.
     

  3. They were talking about it on Channel 8 (fox- Cleveland)this mroning.
    I beleive they have a link on myfoxcleveland.com
     
  4. ezbite

    ezbite the Susan Lucci of OGF

    13,660
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    30 bucks just to sign up? seems iffy to me or as they say................................... if it sounds too good to be true, it probably is.
     
  5. Boy it would be great if you could use it a a Marina to avoid those inflated gas costs...I didn't look too carefully but I wonder if you are limited to the # of gallons on the card..The recharge fees will add up if you only do 30 gal at a time....
    When I was growing up my dad had a probably 150 - 200 gallon tank that Sohio would fill once a month...He saved a couple cents a gallon but you're prepaying for the gas in the tank. Of course back then gas was 32 cents a gallon!!!!!
     
  6. fox45 tv out of dayton. i think this is a good question for america's trucking network tonight
     
  7. DaleM

    DaleM Original OGF Staff Member

    There was a story in the Dispatch yesterday about this. It said " if this doesn't work out or isn't approved by the Government, all your money will be returned" ? that in itself makes it look quiet shakey. Not to mention they stated" we use US Bank cards" to purchase and US Bank said they have not and are not part of this scheme. I'd suggest you run not walk away from this deal. Another con game in the making.
     
  8. SwollenGoat

    SwollenGoat Scourge of Hoover

    I was looking into this yesterday after also hearing about it on the news. From what I understand the $29.95 fee is a membership fee just like if you belonged to Sam's Club or Costco etc.

    In order for this to work, you need to buy gas low and use it while the price is high. So if you buy 100 gallons at $4.00/gallon, and then wait to use the card when gas is at $4.50, in essence you'll save $50.00.

    HOWEVER, you have to realize that you are giving this company an interest free loan. They're likely using that money to invest in oil futures themselves, thus driving up price and making money. If the price of gas goes down and you use the card to buy gas at $3.83, you still are paying $4.00/gallon for it. So in that case you're losing money.

    Plus, as I read in their FAQ section this only applies to the lower grade fuel like 87 octane. If you buy diesel or premium they charge more. Or if you buy gas at the boat dock, you'll be charged more for that as well.

    FWIW - as an investment (and as long as this company stays afloat) you could buy 1,000 gallons of gas at $4.00/gallon. Then wait until gas hits $5.00/gallon and use the card which will net you a savings of $1,000 dollars. Again, just as long as they stay in business. It might be worth a gamble...?
     
  9. Okay this would have been a great deal if you had jumped in on it about 1-2 years ago before it doubled in price.:eek: At this point it would seem to have less potential in the immediate future unless people think it is going to go up to $6-7/gallon.

    I am not bold enough to put my money into something that has not been proved to be legit. I don't see where the company stands to make their money aside from the $30 investment. I know they are essentially getting a loan of money but if the market is continuing to climb anywhere near the current trend it would seem they would lose big.:confused:
     
  10. DaleM

    DaleM Original OGF Staff Member

    They're likely using that money to invest in oil futures themselves, thus driving up price and making money.

    I have to agree, that's what they are doing IMO. Futhers has been the #1 cause of gas and oil prices going up according to reports.
    I know I won't spend or send my money on it.
     
  11. SwollenGoat

    SwollenGoat Scourge of Hoover

    Sadly, that may come true sooner than you think. I listened to a financial analyst on the news a few weeks ago when gasoline made big news as it broke the $4.00/gallon mark. He said if you look at the history of how oil prices have affected gas prices, $4.00/gallon gasoline is more typical of oil being $80-$90 per barrel. Oil prices at $130 per barrel are more typical of $5.50-$6.00 gallon gasoline. It was his opinion that prices at the pump haven't caught up to the price increase of oil itself. Thus the prospect of $5.00 gas by winter isn't such a hard thing to believe. :eek:

    As bad as this year has been, I'm guessing next year has the potential to be much worse if something drastic isn't done. :(
     
  12. MLAROSA

    MLAROSA Loving Life

    http://biz.yahoo.com/usnews/080702/02_steeling_yourself_against_rising_gas_prices.html?.v=1

    I believe the fuel you are purchasing now at the gas tank is the same oil that was being traded in april ($120 a barrell I believe it was). Oil trades in contracts, which have delivery dates. Thsu the oil prices you see today in the market will affect the fuel prices in 3 or 4 months, so expect increases.

    I fully expect to see $200 a barrell oil by the end of the year, which as a guess will put fuel prices for the first quarter of 2009 around $6-$8 a gallon.

    I know a guy who has been prepaying for gas for many years, and it has worked out for him. He does his business in a small town out west that has a single mom and pop style gas station. Buying fuel in advanced from a corporation who intends to invest the money in a market that clearly has a downward trend seems to risky to me. I suspect in the next 3 to 5 years, a great deal of people and business will loose fortunes in the stock market.