Company offers protection from high gas bills

Published:
MGN Online

LEE COUNTY, Fla. – A Houston based company is offering customers a gas price guarantee.

The company, Love My Gas Price, just launched last week and the Chief Marketing Officer, Larry Weil, told WINK News “it’s been going crazy.”

The company said it is offering a gas insurance that runs $4 per month.

“It works like insurance, you pay the premium and you get piece of mind,” said Chief Executive Officer, GP Manalac. “[We’re} putting some amount of control back into the hands of every day drivers, me and you.”

Here is how it works. You pay the $4 fee each month, and the company will reimburse you the difference if you pay more than $2.75 a gallon. However, there is fine print. The company will only reimburse you 20 gallons a month, and that $2.75 cap is only good for the next 12 months. Weil told WINK News that cap could go up or down next year.

WINK News Call for Action Reporter Lindsey Sablan headed to the gas pump to see what you thought about the concept.

“I’d have to think about it. I’d have to think about it and see if it’s worth it,” said Murielle Joseph. “If you think about what it was last year, that’s not unreasonable. The question is, will that ever happen again? I’m praying it doesn’t because last year was ridiculous.”

WINK News checked gas averages under the U.S. Energy Information Administration, which is the website the Love My Gas Price also uses to track what you are paying in each area. In April 2014, Florida averaged $3.66 a gallon; compared to the average of $2.45 a gallon right now.

We crunched some numbers and found, Floridians would have to pay $2.96 a gallon in order to recoup the $4 monthly fee. If you were paying last year’s average in April, you would net $14 per month, after taking out the $4 fee.

Weil told WINK News he and Manalac came up with the idea a few months ago, after talking about how larger companies like FedEx and Southwest Airlines invest in similar protections. He said they have received so much feedback, they are now offering a 50 gallon subscription too.

Click here for more information on Love My Gas Price.

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