Tuesday, July 01, 2008

Gas speculation card

One of the major factors economists are positing for the rapidly-rising price of oil is speculators who are buying gas futures on the open market for higher and higher prices. Not to let the American consumer be outdone, now a company is letting the average American speculate on their next tank of gas.

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.
While I am always up for saving a buck, I have to say I am skeptical about this kind of scheme. First, there is no guarantee that you won't buy high (when gas is up) and wind up gassing up when the price is lower. (It does happen, really.) Second, this tends to make us less sensitive to sudden changes in price, thus insulating oil companies and Congress from our ire. Third, it is accepted "by most fill-up stations", so there is no guarantee that the one you choose to use will be among those.

Still, I have to admit it is a creative way to combat rising gas prices.

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