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July 7th, 2008

Cheap Gas Could End Up Costing You



MyGallons.com, a website that allows consumers to save money by purchasing gallons of gas at a fixed price – based on the assumption that gas prices will continue to rise — has received a lot of attention by many since its unveiling last Monday.

By signing up and paying an annual fee of either $29.95 or $39.95, members are notified of the average price of gasoline in their area, and are given the option of purchasing their desired quantity of gallons at the local fixed price provided by MyGallons.com. After signing up, customers are supposed to receive a debit-like card that handles the fixed-rate purchase at participating gas stations, and monitors the member’s available balance.

The Better Business Bureau recently gave the Miami-based company an “F” rating. MyGallons.com had originally claimed they had partnered with the Voyager Fleet network, a bank card processing service owned by U.S. Bank. Today, MyGallons.com displays a different message at the top of their site:

“MyGallons has learned that its prior vendor, GoGas Fleet, the reselling partner for US Bank’s Voyager Network, is no longer able to honor our agreement to provide its services to our members. MyGallons is currently in negotiations to team with one of the competing national payment networks to support our exciting program to ease the pain of rising gas prices.”

With no card service in place to allow its members to take advantage of its only service, the Better Business Bureau said its rating was justified.

MyGallons owner Steven Verona claims the site has already signed up 6,000 members. While sites like www.consumerworld.org caution their visitors about joining MyGallons, others paint a darker picture through detailed bankruptcy, property, and previous business reports concerning Verona.

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HSH.com's daily blog focuses on the latest developments in the mortgage and housing markets. Our mission is to relate how changes in mortgage rates and housing policy, as well as the latest financial news, impacts consumers, homebuyers and industry insiders alike. Our 30-plus years of experience in the mortgage industry gives us an edge as we break down the latest changes in an ever-changing market.

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Tim Manni is the Managing Editor of HSH.com and the author of their daily blog, which concentrates on the latest developments in the mortgage and housing markets.

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