Welcome to the Bank of Exxon...
I think this approach is likely to take off in the near future as a way to beat gas prices. A high-capacity gas station in Minnesota sells gasoline in any amount to consumers at current prices, then allows them to withdraw the gas at any point in the future. They actually have customers who paid less than $1/gal who are still driving on that "deposit." I know I'd probably put easily a thousand dollars on an account if i could get the gas at anything approaching $2/gal, which would probably keep me driving for at least a year, maybe two or three with my current usage. It would also allow me to better budget my fuel needs. I don't really see any downside--the gas station buys petroleum futures on the Merc for large orders to ensure they can provide the gasoline when needed, and they've got 50,000 gallon tanks for the short-term orders.
Another win for the free market approach...
1 Comments:
Man, that makes me think of when I was in high school. At 16, I could buy gas for 73 cents a gallon if I wanted to drive a few minutes. Never more than a dollar. Imagine how much money you would save if you bought a shit-ton of it back then.
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