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A company called MyGallons.com offers regular drivers like you and me an intriguing way to save money. Buy gasoline at today’s rates and then use the fuel as needed. It sounds like a huge money-saving opportunity, but the process is semi-complicated.

You pay MyGallons upfront for the gas, including a 6-cent per gallon surcharge MyGallons takes to cover costs, then fill up at any station. MyGallons reimburses you for as many gallons as you pre-purchased.There are multiple ways to get reimbursed and you can buy as many – or as little – gasoline as you like. Joining costs $30 for one vehicle, plus $10 per year for each additional vehicle (up to 4).

Would you hedge your bets against rising gas prices with MyGallons? First consider these factors.

Pros

Ends result is great if the cost of gas goes up. The more prices rise, the more you save!

Even if gas rises only a few cents, yearly savings add up.

You can fill up at any gas station and MyGallons will reimburse you.

You can get reimbursed online or pay $5 for a debit card that you can use at any pump. (Its unclear how you get reimbursed if you pay with a debit card and the price at the pump is higher than what you locked in with MyGallons. I’m checking and will update when I hear back.) UPDATE: You don’t actually get reimbursed if you pay with a debit card. Instead, when you want to buy gas you request a debit card from MyGallons for say, 20 gallons. MyGallons checks its current gas price for your state, multiples that by how many gallons you requested, subtracts fees, and sends you the gift card, which you can then use at any pump.

You can use MyGallons for your boat or airplane.

Interested customers left probing questions on the MyGallons Facebook page. The company’s response, and the fact that it didn’t delete them outright, builds my confidence.

Cons

If gas prices fall, you lose. Your money is locked in.

You pay upfront for the gas, so hundreds if not thousands of your dollars are locked up in gas.

Buying a big ticket item (thousands of gallons of gas) from a newish company makes me a little nervous.

If you chose to get reimbursed online, you have to do so within 30 days of the gas purchase. Tell MyGallons how much you bought, and it will “multiply the number of gallons by the current MyGallons Price for your state” and deposit the money into your account electronically. How does MyGallons set the price for my state? What if it is lower than what I paid? I did a quick comparison of MyGallons gas prices and AAA Fuel Gauge Report.

My Gallons –> AAA

RI $3.23 –> $3.21

NY $3.27 –> $3.37

CA $3.59 –> $3.40

FL $3.16 –> $3.12

TX $3.07 –> $2.95

In four out of these five states, the MyGallons gas price was higher than AAA, which indicates the site is generous with reimbursement prices.

Still not convinced? You’re not the only one. Something about hedging my bets against a volatile product like gasoline makes me nervous. MyGallons provides this money-back guarantee:

If for any reason you change your mind within 30 days of joining MyGallons, you may cancel and receive a full refund of your membership fee and we will process a return for your unused gallons.

If you’re interested, you can set up a test with MyGallons for a small amount of gas. If you’re not happy, make good use of the company’s money-back guarantee.