Manage Your Gas Budget like a Fortune 500, One Gallon at a Time
Wish you could use the sophisticated money management techniques big companies use to your own finances? You can — and doing so is easier than might think. Just like life, business always has a degree of unpredictability. Things break. Opportunities arise. Prices fluctuate. Companies have clever tricks for creating stability amidst all this instability — tricks you can apply to your own budget.
Fuel Hedging: Everybody’s Doing It.
Fuel hedging is a strategy that many big companies practice consistently, and that you can start using today. How does it work? Oil prices are volatile, making fuel difficult to budget for. Many companies counteract that volatility by hedging fuel, or locking in a price for fuel to be consumed in the future.
Who hedges fuel? It’s a popular practice among Fortune 500 companies, particularly businesses that require fleets — and therefore fuel — to operate. Major airlines (Southwest Airlines has been hedging fuel since the ’90s), cruise lines, and car companies (Chrysler offered fixed-price gas cards as an incentive for new car owners) all utilize fuel hedging.
In it for the Long Haul
Fuel hedging isn’t something most companies try once; it’s part of their long-term strategy. Fixed fuel prices means less price risk and easier financial planning. In project-based industries like construction, landscaping, and plumbing, this predictability is extremely helpful for bidding on projects.
Low No Barrier to Entry
In the past, fuel hedging has been exclusive to companies with deep pockets; those buying many thousands gallons of crude oil or jet fuel per month. Today, you don’t need to be an industry giant to get in the game. In fact, you can get started with one gallon and zero investment.
TankWallet lets you hedge fuel (buy gas at a fixed price) on your terms. You’re in the driver’s seat: You choose the gas station, the number of gallons, and when want you want to fill up. There’s no fee, no minimum, and no commitment.
The best part: You can try it free — no credit card required. When you sign up with TankWallet today, your first gallon is free. Gas prices are historically low right now, and they tend to rise in the springtime and peak in the summer. With TankWallet, you can lock in today’s gas prices for as far out as August 2017.