Feb 3, 2010

Lock in Your Fuel Price

Do you use a lot of gas? (That’s something that’s infinitely better than passing a lot of gas.) If you consume approximately 100 gallons or more per month, you can protect yourself from the instability of fuel prices by locking in the current price of fuel for use at a later date.

A company called MoreGallons has created a program for consumers and businesses that enables them to control fuel costs while at the same time continuing to use fleet or gas credit cards. When fuel prices rise, members can simply redeem pre-purchased gallons, saving money on this unavoidable business expense.

“In light of today’s current economic climate and ever-changing gas prices, small to midsized businesses are in need of and looking for the best opportunities to control costs and save money,” said Steven Verona, founder and CEO of MoreGallons. “By allowing users to pre-purchase fuel at the current prices, small to midsized companies can compete with larger corporations that have benefited from fleet fuel savings programs for years. We are helping to level the playing field.”

The process is simple. When signing up with the service, members pay an annual membership fee of $79 regardless of the size of their fleet. After joining, unleaded gas and diesel fuel can be pre-purchased in increments of 100 gallons, paying the current price for fuel to be credited to their accounts as a balance in gallons, for a 6-cent-per-gallon service fee. Members purchase gas at the pump as they always have, typically with a credit card or fleet fuel card. When the monthly card bill arrives, the user can decide whether or not to cash in their pre-purchased fuel. If they decide to use their pre-purchased fuel, customers simply complete an online form indicating the number of gallons they wish to cash in from their account, and the money is electronically transferred to them within three business days to assist them in paying their card bill, minus a 3-cent per gallon service fee.