First Fuel Banks - a great idea?

[rn79870]

This is one of those "Why didn't I think of that" threads.

First fuel bank. You prepay for fuel at the posted price. Then when it comes time to get it, regardless of the current price, your charged only what you paid for the pre-purchase price. So if you buy 100 gallons, at $3.00 a gallon, and use it over the next 6 months, regardless of the current market price, you get the 100 gallons for the $3.00 price.

Quote »First Fuel Banks is a unique fueling system and the first of its kind in the U.S., which provides price protection for all of your fueling needs along with other services which are available through our parent company, East Side Oil Co., Inc. Our experienced fuel smart staff is committed to excellent and personalized service.[/quote]http://www.firstfuelbanks.com/

They reported that have previously joined and are still paying $1.00 a gallon for gas. Today, you'll have to pay $3.89 for a gallon there, but a year from now, that may be a real bargain.

[joe603]

That would seem to be a bad business idea...fuel prices will always go up. Even if they invest the amount they upcharge per gallon, it's still a risky gamble. What if they go out of business...you're screwed out of your "banked" fuel.