| Wouldn't it be great if you could have predicted the | | | | gas today is $3.009, you're getting it at the locked-in |
| ridiculous prices that gasoline would hit, and bought a | | | | price of $1.999. Once you have used 100 gallons of |
| bunch of it before prices went through the roof? | | | | gas, the amount that you originally purchased, you can |
| Actually, many people did just that and, no, they didn't | | | | purchase more gas "credits" and whatever price gas |
| have big underground storage tanks in their back | | | | is selling for on the day that you make your new |
| yards. These people joined a Gas Bank. "Eh, what's | | | | deposit. |
| that?" you ask. Gas Bank, Gas Tank, what's the | | | | Now, before you run out the door screaming |
| difference? You don't deposit gas into a gas bank, you | | | | "Halleluiah", you should know that there aren't too many |
| deposit money. Here's how it all works.... | | | | Gas Banks around. In fact, the only one that has any |
| Joining a Gas Bank is a lot liking trading on the | | | | real visibility is located in Minnesota. |
| commodities market. When you join, you pre-purchase | | | | First Fuel Banks of St. Cloud, MN has over 8,000 |
| a supply of gas at the then current price. You receive | | | | members who are glad that they were smart enough |
| a stored-value card, which is somewhat like a debit | | | | to catch on to a good thing. Many of the members are |
| card, that you use to turn the gas pumps on at the | | | | fleet owners who operate several vehicles for their |
| bank's filling station. | | | | business. Although Mom and Pop drivers are saving a |
| Regardless of which way the price of gas goes, and | | | | bundle as well, these commercial drivers are getting |
| it's been only going up lately, you're getting it for the | | | | dizzy over how great the savings are. |
| prearranged price. | | | | One business owner locked in 8,000 gallons when the |
| Here's an example: | | | | price way at $2.069, and he's saving $.49 per gallon |
| Let's say that you bought 100 gallons of gas when the | | | | now that the price is hovering around $2.559 in his |
| price was $1.999. You gave the gas bank $199.99, and | | | | neck of the woods. While that may not seem like a |
| they reserved 100 gallons of gas for you at the $1.999 | | | | fortune, he'll save nearly $4,000 by the time he burns |
| price. Every time you go to the bank's filling station, you | | | | through his 8,000 gallons. Of course, most regular |
| simply insert your card into the pump's card reader and | | | | drivers don't use anywhere near that amount of gas in |
| put gas into your tank. The gas bank deducts $1.999 | | | | a reasonable amount of time. But they're still saving big |
| for your account for each gallon. If the actual price of | | | | by locking in a couple of hundred gallons at a time. |