Website allows drivers to lock-in gas prices
Wallingford, CT (CNN) — Price locking for oil and fuel has worked in the case of large purchases, but drivers who fill up their gas tanks twice per week could also be cashing in on the savings.
A new price locking website is out to attract the daily commuter.
Anyone who drives, knows how the price of gas has been dropping for many months, but after realizing the good fortune, many people will start to wonder about the future and if the prices will rise to the nearly $4 a gallon like they did a few years ago.
A website called MyGallons.com offers a new way for people to buy gallons of gas now and hold onto them for the future.
“I would be interested in a program like that. I travel to Glastonbury every day. So if I could lock in to what I think is a fair price to offset it going up next year, I would do that,” said Kim Jones of Wallingford.
The price lock has many stipulations like, users can only buy in the state they live in, and there are fees for a one-time membership to a small cost per gallon.
“Well it just seems like a weird idea. I can’t imagine how it could do that well,” said Kevin Surratt of Lisbon. “I don’t see how people are going to want to lock up there money and risk that the price is going to go down.”
There is the risk that gas prices could go down, which means a user of MyGallons.com could be locked into a gas price too high.
To see any kind of savings, the user has to buy a minimum of $700 worth of gas because gas prices aren’t volatile in their movement.
“We are talking about pennies. Pennies day-to-day, pennies week-to-week,” said Amy Parmenter of AAA. “Today the average price of a gallon of gas in $2.29 in Connecticut. That’s $1 cheaper than it was a year ago.”