7 on Your Side: Pre-pay gas program

By Courtney Lane - bio | email
Posted by Ellen Krafve - email

TYLER, TX (KLTV) - With rising gas prices, a new company is promising to save you money in the long haul. Now, thankfully, prices are not near as high as we saw this time last year. But according to AAA, they have shot up $.25 in the past month here in Texas.

They are offering you price protection against inflation.

"I started working on this about 4 and a half years ago out of my own frustration with the inability to control prices of gasoline," said Steven Verona, founder and CEO of moregallons.com and mygallons.com.

Verona said it works by pre-paying for gas at today's rate.  Moregallons.com is for fleet customers, and mygallons.com is for individuals.

"Some of our customers are buying enough fuel to sustain them through any short-term price increase and then we have others customers that are pre-purchasing enough fuel for an entire year because they want to have a fixed budget," explained Verona.

He said it's similar to a price club like Sam's, with customers paying membership fees. Once signed-up, you can pre-pay for gallons online that you cash in later.

"You go to the gas station, you put it on your visa, mastercard, amex, whatever the case may be, then you would log into our site and you would declare how much fuel you used," said Verona. "Let's say 100 gallons, and then we electronically transfer the 100 gallons times the current price on the moregallons site right into your checking account."

But that takes trust on your part. So, we checked in with the Better Business Bureau. They say the company has a "C" rating because there's just not much assurance yet.

"They haven't been in business long enough to actually have some history," explained Linda Bailey, with the BBB.

The BBB said it sounds like a good idea but they're skeptical the program can actually work. They advise, if you try it, open an additional bank account just for these transactions, and do your homework and read the contract carefully.

"I would just make sure you understand what you're getting involved in, what the cost is," said Bailey.

If it peeks your interest, read up on the programs and decide if it's right for you or your business. Go to the Big Red Box to find the links to the program.

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