MyGallons.com - Lock In Current Gas Prices

Gas prices getting you down? The oil barons maybe unwilling to make amends, but not to worry, there is some relief to be had. And it comes in the form of a new website dedicated to the gas crises called MyGallons. MyGallons lets users buy gas credit at current prices. Users, in turn, are betting that gas prices will continue to rise and that their purchase will ultimately save them money. It's akin to playing with futures in the stock market. You're hedging the price you pay for gas. The current trend seems to make MyGallons a godsend for consumers leary of paying over $4.50 for a gallon of gas. Gas is a necessity in the states, and coupled with the rising cost of food and other consumer goods, most people welcome any savings they can get. There is a catch to MyGallons, however. Users must pay an annual fee of $29.95 in addition to various overdraft and processing fees. In the end, you might only save a handful. It's currently available in over 200,000 location nationwide.

"Save money by pre-purchasing gas at today’s prices, then fill up with your MyGallons Card when prices rise. No matter how high prices at the pump will go, the price of the gallons you’ve purchased will be locked-in."

MyGallons is a clever concept and marketing ploy. By feeding into consumer fears of higher gas prices, MyGallons could make millions. But consumers may profit too. If gas keeps rises, saving a few dollars will be welcomed by many.

Is this economically sound? Will it be worth it? Why such stringent fees and penalties? What if gas prices actually drop?