If It Sounds Too Good to be True...

A warning tonight about a new website that let's you buy future gas at today's prices.

We told you about mygallons.com yesterday.  The South Florida company offers a gas card program that let customers buy several gallons of gas at the current price. The company claims you could then use that gas card at 95%of the filling stations in the U.S. at anytime in the future.

But the Better Business Bureau tells us it was just informed by the My Gallons founder that they do not have a vendor to process transactions with the gas stations listed on their website.

That means, you probably won't be able to use the card.

The BBB says similar programs in the northeast last year left customers holding worthless gas cards.

Here's a look at the press release that was sent to CBS12.com by the Better Business Bureau:

MyGallons first came to the Better Business Bureau's attention on July 1, 2008. According to the company's website they are offering a gas card program enabling consumers to purchase a chosen number of gallons of gasoline at the current average rate in their area. The company further claims that by investing its members money in a hedge fund the card will be good for future purchases at participating gas stations even if the price of gas increases. 

There is an annual membership fee ranging from $29.95 to $39.95, depending on the program you choose. Florida corporate records show the company is located in Miami, Fl. The company's website FAQ states that "the card is currently accepted by more 95% of the filling stations in the United States", however, on July 2, 2008 the BBB was informed by MyGallons founder Steve Verona that the company's negotiations with US Bank's Voyager program have broken off and they currently do not have a vendor to process transactions with the gas stations listed on their website.

Other reports indicate that similar programs instituted in the Northeast last year for pre-paid natural gas purchases resulted in several companies leaving customers holding worthless paper. The BBB encourages consumers to carefully read and understand all of the terms and conditions of this offer. This information can be obtained from the company website: www.mygallons.com.

 This report will be updated as more information becomes available.