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MyGallons lets you lock in fuel prices
UPDATE: The Better Business Bureau apparently has some issues with MyGallons. This post was written several days ago and we were not aware of the dustups at that time.
You can pre-pay for cellphone minutes, here in New England it's popular to lock in your heating oil price for the winter, and now you'll be able to bank gallons of gasoline on a debit card, thanks to MyGallons.com. While you're screwed out of the money if the price of fuel drops, it's not looking like that's going to happen soon. MyGallons uses your zip code to determine what price you'll pay to add gallons to your card, which is accepted just like a normal debit or credit card at most fuel stations. It's a creative way to smooth out the fluctuations in the price of fuel, and it could also be a boon to those wanting to run a tighter budget, or at least know what they'll be spending on fuel for a given time period, as they've pre-bought. Shoot, it could even be a decent gift idea for the person who has everything!
[Source: Reuters]
Reader Comments (Page 1 of 2)
Torrent 11:06AM (7/04/2008)
Good. I won't use it, but good.
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Tony 11:15AM (7/04/2008)
I'd like to try it...but I'll let someone else be first.
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Michael 11:15AM (7/04/2008)
And then when you're done with that period of locked in prices, it's OMGEXPENSIVE.
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BlackCanary 11:25AM (7/04/2008)
I like the idea as a gift card. I wonder what the business model looks like. I am curious to how lucrative this can be for the founder.
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Jay Evans 12:09PM (7/04/2008)
Sounds like a Ponzi scheme to me.
I suspect the business model sucks and that's the prime reason US Bank has no interest in handling it.
Henry 11:29AM (7/04/2008)
Read this:
http://consumerist.com/tag/mygallons/?i=5022061&t=bbb-says-mygallonscom-omitted-fact-in-advertising-has-no-contract-to-process-transactions
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TigerMil 11:59AM (7/04/2008)
That says it all. I decline, too.
Geoff 11:36AM (7/04/2008)
Problem is that they may be a fraud. The allege to have paired wth US Bank... US Bank disavows this (http://consumerist.com/tag/mygallons/?i=5022061&t=bbb-says-mygallonscom-omitted-fact-in-advertising-has-no-contract-to-process-transactions)
Caveat Emptor
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Brad 12:21PM (7/04/2008)
The owner, Steven Verona, has filed for bankruptcy in 2001, has no history of risk management, and basically misled subscribers. Several details on his website have changed over the past few days. His company ahs been rated an "F" already by the BBB. Read the attached link:
http://www.latimes.com/technology/la-fi-mygallons4-2008jul04,1,7601156.story
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rick 12:33PM (7/04/2008)
The anonymized domain registration doesn't lend a lot of credibility, either.
Registrant:
Domains by Proxy, Inc.
DomainsByProxy.com
15111 N. Hayden Rd., Ste 160, PMB 353
Scottsdale, Arizona 85260
United States
Registered through: GoDaddy.com, Inc. (http://www.godaddy.com)
Domain Name: MYGALLONS.COM
Created on: 19-Mar-08
Expires on: 20-Mar-09
Last Updated on: 19-Mar-08
Administrative Contact:
Private, Registration MYGALLONS.COM@domainsbyproxy.com
Domains by Proxy, Inc.
DomainsByProxy.com
15111 N. Hayden Rd., Ste 160, PMB 353
Scottsdale, Arizona 85260
United States
(480) 624-2599 Fax -- (480) 624-2599
Technical Contact:
Private, Registration MYGALLONS.COM@domainsbyproxy.com
Domains by Proxy, Inc.
DomainsByProxy.com
15111 N. Hayden Rd., Ste 160, PMB 353
Scottsdale, Arizona 85260
United States
(480) 624-2599 Fax -- (480) 624-2599
Domain servers in listed order:
NS53.DOMAINCONTROL.COM
NS54.DOMAINCONTROL.COM
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OminousG 12:48PM (7/04/2008)
Reuters I can understand, but Autoblog falling for just a lame scam?
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paul34 1:52PM (7/04/2008)
It is not just Autoblog - I've heard it on many, many radio stations around here. Scary, I hope a lot of people aren't going to be scammed by signing up.
Adam 4:41PM (7/04/2008)
Agreed. The "value add" of bloggers is having them know their stuff, slow down, get it right and check the facts. There's far too many of these bloggers now just regurgitating the same flash news that hits ten other sites like Jalopnik and Autoblog. This is what Gizmodo and Engadget learned a couple of years ago as they got into a race to publish or perish, but they seem have learned to be more skeptical and cautious without being slow to bring the news.
why not the LS2LS7? 12:08PM (7/05/2008)
Yeah, "blogs" for some reason covers two distinct things:
1. People who make little announcements about what they've actually been spending time on.
2. Sites that just publish summaries and links to other news. These come under the theory of "look what I found" but rapidly turn into quasi-news sites.
Many call the 2nd "news consolidation sites", but they are also called blogs. As evidenced by "The Weblogs, Inc Network" for example.
There's nothing wrong with either kind of site, but the 2nd has a huge tendency to fall for false info, either false rumors or someone putting out false info on purpose. The reason for this is they are either in the mode of getting stuff out fast, or else they're just in the mode where they want to ensure they have enough content to draw X number of visitors a day (include repeat customers like me). These sites are just here to really point people at other sites, so a "it's not my job to fact check it" comes quickly at hand.
Anyway, when viewing sites like this (and I make over a hundred visits a day to such sites many days), you just have to make sure you are being properly skeptical about what you're seeing.
Dave 1:59PM (7/04/2008)
Wow, I was thinking of signing up but I'm glad I checked these comments first. Crowdsourcing ftw.
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allonblack 2:25PM (7/04/2008)
You should really pull this post before your readers get scammed.
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indymcsc 3:22PM (7/04/2008)
Seriously, you need to update this post and warn people. Post the link to the BBB with all the comments before people lose money.
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-blank- 4:32PM (7/04/2008)
yes immediately too.
This isn't a nice happy post. If they'd had some real history and then you came across it then fine...but this is just a problem waiting to happen.
There's a chance it may work but if it does it'd have to meet several conditions (like have a giant oil resereve for all those pre-buying). If that's not something that's going on then the alternative is raping unassuming customers that go a little over their pre-paid amount with a massive overdraft charge. Or you could be suckered into their overdraft protection that will automatically cost you a doozie $ per month as well as refill your pre-paid account with more fuel. I don't remember but I think it's when you hit 15 gallons it's triggered. Otherwise it's something like 3 gallons and adds 15...can't remember exactly.
....but please update this. (seconding idymcsc!) otherwise if this company goes down or unsuspectingly devastates some of your readers....you should be the one who feels the guilt let alone the reader wrath.
TheOtherDave 4:09PM (7/04/2008)
As many others have already mentioned, there are some very serious concerns raised by the BBB about this operation.
As much as I enjoy reading this blog, this story is one-sided at best, if not wreckless for failing to disclose the fallout between Verona & US Bank.
The public deserves better.
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Adam 4:41PM (7/04/2008)
The company MyGallons is not to be trusted -- at least not until they come out in the open and explain the problems and questions surrounding their business.
I think the idea is sound, but it's hardly a slam dunk for the consumer.
I think this idea of fixing any energy prices is something the government should do. The problem is how to orchestrate the transition from businesses making money and profiting without limits to having them operate within strict regulation. Imagine how few gas stations there'd be (and good riddance) once the price were fixed. The stations that are clean and tidy with clean restrooms, polite staff and convenience groceries at reasonable prices would win the customer. The disgusting cash, ATM fee rip-off, eyesore "holes" would be gone overnight.
Fixed energy prices and fair competition -- sounds like a good idea to me. Wouldn't it be great if we had an independent organization with the legal authority and infrastructure to help the nation plan long term solutions to these problems? What would you call such an organization? A "government?" Wouldn't it be great to have something like that instead of whatever the hell we've got now?
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