It looks like $4 gas has finally arrived. I saw Seven-11s at $4.009 and $4.019 for regular over the weekend -- though most of the stations I drove past in my decidedly unscientific survey were stuck at $3.999.
Which raises this question: Is it financially practical for individuals to hedge against higher prices, in the same way big companies do? Southwest Airlines, for one, credits much of its success, despite rising fuel prices, to hedging. This means Southwest buys fuel now and takes delivery of it at a later date in an attempt to get a better price. (Here is a much better and complete discussion of the futures market and how it works.)
That's the theory behind MyGallons.com, which sells debit-like cards that drivers redeem for gas. In other words, I give MyGallons $100 now (plus the fee it charges to sign up and to reload the card), and it sends me a card that I swipe at the pump when I fill up. I've locked in $100 worth of gas at $4 a gallon, no matter what happens to the price of gas.
So does MyGallons make sense for those of us who don't run airlines that buy millions of gallons of fuel a year?