Syracuse (WSYR-TV) -- Gas prices are down 24 cents over the last month, but with no promise of prices staying low, some drivers are turning to a website that does.
The website MyGallons.com
allows you to pre-purchase your gas online and lock in the current price. It sounds tempting, especially as we get ready to hit the road for the holiday weekend. But how does it work and are you really saving?
Earlier this year we were hearing predictions that gas prices could be near $5 a gallon by Memorial Day, which would make locking in at lower prices then seem like a good idea now, but prices never got that high, so it would be wise to consider the pros and cons before buying gas in bulk.
“The person who’s in business, it would be better for them because they would know what their expenses were going to be, instead of this up and down stuff all the time,” said Larry Pelow.
Sister Antonia Legnetta thinks the program sounds interesting. “It seems like holiday prices end up going back up so if it were locked in and you would be guaranteed a lower price,” she said.
Brad Fulton says he wouldn't use a fixed price fuel program. “No, I wouldn’t lock it in. I’d rather shop around first…too much of a gamble,” he said.
The average gas price at stations in Syracuse right now is $3.81. The way the lock in works is you buy however much gas you want from MyGallons.com – at their advertised price, which is $3.62 today in New York – then add a six percent fee, making each gallon $3.84. Factor in the six cents per gallon when you actually get the gas and your lock in price is actually $3.90.
"If you believe the price of gasoline at some point is going to be above $3.90 then you'll be saving money with our program. If you believe it’s not going to go above that at any point in your lifetime then it’s not a good program for you,” explained Steven Verona, MyGallons.com representative.
Verona says there is no expiration date, so you can use them now or in a few years. He says some people buy for the long term.
“Others are looking at short term price swings where you see the price of gas going up 25 cents in a week and down 15 cents the next week. It’s very possible, so they’re trying to smooth it out for their budgets,” Verona said.
Remember, we’re always tracking gas prices right here on 9WSYR.com. Before heading out, check out our Energy Center
for the lowest gas prices in your neighborhood.