Website lets drivers lock in rate for gas prices
HOUSTON -- We all remember what is was like when gas was at an all-time high, so if you could have paid a dollar less per gallon, you would have jumped at the chance.
And now you may be able to do just that.
Rene Lopez spends $50 a week on gasoline. So capping in the price at $2.75 a gallon intrigues him because he thinks the price of oil is not going to be this cheap forever.
"I think it is going to rocket back up, yeah," said Lopez.
In the past, Lopez was at the mercy of crude oil prices and its impact on pump prices, but not anymore thanks to the Houston based company www.lovemygasprice.com and its founder G.P. Manalac.
"LoveMyGasPrice.com is designed for customers to protect themselves against rising gas prices," said Manalac.
Here's how it works. For $4 a month, drivers can cap the cost of gasoline at $2.75 a gallon.
If the average price goes over 2.75, drivers get the difference deposited back into their Paypal account.
"Automatically, cash back, back to your bank account to offset against those higher fuel costs," said Manalac.
Consumers can lock in the capped price for up to 20 gallons a month. If you need to fill up more often, you can pay for an additional account.
For gas to reach $2.75 a gallo,n the price of crude oil will need to reach about $65 a barrel. It's currently just over $50 per barrel, and energy consultant Andy Lipow says it's going to remain at that price for months.
"The futures market sees that at the end of the year we are only at $56 or $57, so they are not seeing that type of price rise," said Lipow.
However, if consumers fear prices could go up dramatically and they need to offset potential price hikes, love my gas price may be a good way to control costs.
"It depends on what are we getting back, you know and all that," said Lopez.
If you drive a lot, it may be something to look into.
