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Save Money On Gas By Banking Cheap Gas


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You Can Actually Save Money On Gas By Banking Gallons

Save Money On Gas

Wouldn’t it be great to be able to bank currently low gas prices and use the banked gallons of gas to save money on gas in the future? This not just a wishful thought of a consumer fearful of gas prices heading back to the $4 level. It is reality in today’s Internet age that you can pre-pay for gallons of gas at currently low prices and bank them to use them in the future when gasoline goes back up in price.

This might seem too good to be true or sound complicated, but in reality banking gallons of gas does not involve anything to do with the financial market.   There are no complicated trading schemes associated with the gasoline futures markets or anything like that.   All it takes is signing up for the MyGallons.com pre-purchase gas program via their website and paying for gasoline at current low prices. MyGallons.com does all the fancy trading in the gasoline futures markets to hedge against a future rise in gasoline prices. All you have to do is cash in your banked gallons of gasoline once gas prices have risen to a level at which it makes sense to do so. Cashing in is easy too. There is no need to go to cooperating gas stations or use a special card, you can go to any gas station that accepts credit or debit cards.   MyGallons.com then pays you the difference between the higher price you paid for gas and the price you paid when you banked gallons of gas with them, minus a number of fees that they charge.

Their fees amount to about 10% of the cost of your banked gallons of gas.   That is how they make their money.   But, the cost is well worth it if gas skyrockets from $2 to $3 or $4 per gallon. Paying a 10% fee when gas goes up between 50% to 100% from the $2 level means the consumer who banked the gallons of gas comes out ahead.

Why Save Money On Gas By Banking Gallons

MyGallonsThe drop in gas prices to around the $2 per gallon range has been a big relief for people and businesses throughout the world who use gas to power their vehicles. Many are likely unaware that they can actually bank gallons of gas at currently low levels and use them in the future to fill up their light trucks, sports utility vehicles (SUVs), and cars. How nice would that be to pay approximately $2 per gallon for gas while others are paying $3 or $4 per gallon and have the extra money saved available for something else?

There are many reasons to think that gas will not stay down in the $2 per gallon forever, and 3 or $4 per gallon will return sooner or later, probably soon. The world is still a very instable place, particularly in the oil producing regions of the world. Any sudden drop in oil supplies could send gas prices soaring at the gas prices soaring and send gas consumers scrambling, as could a drop in oil production in the United States and elsewhere due to the low oil prices. It is all about supply and demand when it comes to gas prices.   Anyone who gets ahead of the curve and pays for their gallons of gas while they are cheap can rest easy knowing that they can cash in their banked gallons of gas with MyGallons.com.

How Do You Save Money On Gas By Banking Gallons

Cheap GasHow do you save money on gas by banking gallons at MyGallons.com? One thing should be pointed out before going further, the more gas you pre-pay for the more you will save, especially when factoring in the fees associated with the MyGallons.com gas banking service.

There is no limit set by MyGallons.com regarding how many gallons of gas customers can pre-pay for at a time. The pre-paid gallons of gas can be held as long as a customer wants to hold them in their MyGallons.com bank. The only limit that the company puts on redemptions of banked gallons is 150 gallons per month per vehicle. Customers can get around the 150 gallons per month per vehicle limit by providing MyGallons.com receipts proving that they purchased more than 150 gallons of gas.

Here is how saving money by banking gallons of gas with MyGallons.com works:

  1. MyGallons.com provides a list on their website of the wholesale price for pre-paid gasoline in each state website. If the customer buys gallons of gas for their account at MyGallons.com, they pay the wholesale price listed on the companies, site, plus several fees, which are listed below.
  2. The purchased gallons of gas are placed into the customer’s MyGallons.com account. At that point, they can be used at any gas station at any future time, as long as the gas station accepts credit or debit cards.
  3. When the customer is ready to use their banked gallons of gas, they use either a credit card or the MyGallons.com Fuel Savings Card debit card to buy gas.
  4. They then have to log into their MyGallons.com account and make MyGallons.com aware of the purchase, including the number of gallons purchased and the cost. MyGallons.com will then deposit money into a customer’s bank account or onto their Fuel Savings Card in an amount that compensates the customer the difference between the pre-paid price and the price they paid at the pump for gas.

Not terribly difficult, and the savings can add up to hundreds or even thousands of dollars, depending upon how much gas a customer uses.   There are several fees that are incurred, which makes the break-even point for the MyGallons.com gas banking service about 10% greater than the pre-paid cost of the gallons of gas purchase.   The fees include: a $30 annual membership fee that is charged per vehicle, a 6% fee on the total order when a purchasing pre-purchased gas, a $10 issuance fee for the MyGallons Fuel Savings Card, and finally 6 cents per gallon fee when the gallons banked at MyGallons.com are used to buy gas.

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