You know the old saying that if something's too good to be true, it probably is? So may be the case with MyGallons.com, the start-up we wrote about last week that allows consumers to hedge fuel like some airlines and other major fuel consumers. We loved the idea.
Unfortunately, the Better Business Bureau reports today that they have some "concerns" about the company, particularly a critical fact they say MyGallons omitted, reports Consumerist. The thing is, said fact is kind of a big one. While MyGallons claims they had a contract with US Bank to process transactions on the MyGallons card they're shilling, no such deal exists. For their part, the company says that they are currently negotiating with another bank and that the omission is simply a slip-up. Stay tuned.

| [comments (1)] |
Let's hope for everyone's sake that MyGallons.com's shoddy PR doesn't destroy this business model for others to follow. I personally value the opportunity to hedge all sorts of commodities, beyond gasoline. Hopefully, more businesses follow suit and empower consumers in this way.
—mjandri
14:35, July 7th, 2008

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