Comments on: Petrofix Promises To Cure Summer Woes At The Gas Pump http://www.techcrunch.com/2009/05/22/petrofix-promises-to-cure-summer-woes-at-the-gas-pump/ Startup and Technology News Fri, 27 Nov 2009 17:22:59 -0800 hourly 1 By: KillerStartups.com - PetroFix.com - Gas Price Caps http://www.techcrunch.com/2009/05/22/petrofix-promises-to-cure-summer-woes-at-the-gas-pump/comment-page-1/#comment-2766341 KillerStartups.com - PetroFix.com - Gas Price Caps Tue, 26 May 2009 13:02:25 +0000 http://www.techcrunch.com/?p=67314#comment-2766341 <strong>PetroFix.com - Gas Price Caps...</strong> I found your entry interesting do I've added a Trackback to it on my weblog :)... PetroFix.com – Gas Price Caps…

I found your entry interesting do I’ve added a Trackback to it on my weblog :) …

]]> By: Envy http://www.techcrunch.com/2009/05/22/petrofix-promises-to-cure-summer-woes-at-the-gas-pump/comment-page-1/#comment-2764686 Envy Mon, 25 May 2009 01:15:19 +0000 http://www.techcrunch.com/?p=67314#comment-2764686 your a dumb shit, now wonder the police force fired your ass... your a dumb shit, now wonder the police force fired your ass…

]]> By: Albi http://www.techcrunch.com/2009/05/22/petrofix-promises-to-cure-summer-woes-at-the-gas-pump/comment-page-1/#comment-2764328 Albi Sun, 24 May 2009 16:51:40 +0000 http://www.techcrunch.com/?p=67314#comment-2764328 That the good gods listen to them. That the good gods listen to them.

]]> By: Eric Borgos http://www.techcrunch.com/2009/05/22/petrofix-promises-to-cure-summer-woes-at-the-gas-pump/comment-page-1/#comment-2763217 Eric Borgos Sat, 23 May 2009 18:40:22 +0000 http://www.techcrunch.com/?p=67314#comment-2763217 I like the idea, but I wonder if there are any possible legal/regulatory issues with what they are doing. Might it be considered insurance? Might it be a an SEC Regulated future or option? I like the idea, but I wonder if there are any possible legal/regulatory issues with what they are doing. Might it be considered insurance? Might it be a an SEC Regulated future or option?

]]> By: Gern Blanstein http://www.techcrunch.com/2009/05/22/petrofix-promises-to-cure-summer-woes-at-the-gas-pump/comment-page-1/#comment-2762350 Gern Blanstein Sat, 23 May 2009 04:44:06 +0000 http://www.techcrunch.com/?p=67314#comment-2762350 douche, it's we're, not were. cantspelllocator.com -- I'm illiterate douche, it’s we’re, not were.

cantspelllocator.com — I’m illiterate

]]> By: sigma http://www.techcrunch.com/2009/05/22/petrofix-promises-to-cure-summer-woes-at-the-gas-pump/comment-page-1/#comment-2762177 sigma Sat, 23 May 2009 02:08:26 +0000 http://www.techcrunch.com/?p=67314#comment-2762177 They're really just buying the cap on the exchange. Even if gas goes to $10 they just pass it along like a middleman. No insurance necessary. They’re really just buying the cap on the exchange. Even if gas goes to $10 they just pass it along like a middleman. No insurance necessary.

]]> By: blower http://www.techcrunch.com/2009/05/22/petrofix-promises-to-cure-summer-woes-at-the-gas-pump/comment-page-1/#comment-2762051 blower Fri, 22 May 2009 23:58:01 +0000 http://www.techcrunch.com/?p=67314#comment-2762051 Too much brain damage!! Too much brain damage!!

]]> By: blower http://www.techcrunch.com/2009/05/22/petrofix-promises-to-cure-summer-woes-at-the-gas-pump/comment-page-1/#comment-2762048 blower Fri, 22 May 2009 23:53:54 +0000 http://www.techcrunch.com/?p=67314#comment-2762048 Interesting concept. I think I'll stick with my own budgeting/planning for now! Interesting concept. I think I’ll stick with my own budgeting/planning for now!

]]> By: randy http://www.techcrunch.com/2009/05/22/petrofix-promises-to-cure-summer-woes-at-the-gas-pump/comment-page-1/#comment-2761960 randy Fri, 22 May 2009 22:58:19 +0000 http://www.techcrunch.com/?p=67314#comment-2761960 Except I think it's been done already (moregallons.com, mygallons.com), so technically it's not an 'idea' anymore, it's an implementation. Except I think it’s been done already (moregallons.com, mygallons.com), so technically it’s not an ‘idea’ anymore, it’s an implementation.

]]> By: Falafulu Fisi http://www.techcrunch.com/2009/05/22/petrofix-promises-to-cure-summer-woes-at-the-gas-pump/comment-page-1/#comment-2761813 Falafulu Fisi Fri, 22 May 2009 21:18:00 +0000 http://www.techcrunch.com/?p=67314#comment-2761813 Jeff, See, another comment of mine below in reply to Adam. you said... <i>especially those with some certainty around their consumption patterns, don’t do this on their own.</i> Because commodity price is dependent on risk-free interest rate and you can't predict exactly the direction of where the interest rate is going, can you? That's the reason why financial analysts use hedging is to minimize your loss if the interest rate move against you. It is a form of insurance (a different form of insurance). Companies which trade internationally also use hedging to insure them (ie, to lock them in) against exchange rate movement. The value of your dollar is dependent on the exchange rate movement. Most buy currency derivative for insurance. The founders of Petrofix are far more knowledgeable than Bernie Madoff regarding investment advise. Jeff,

See, another comment of mine below in reply to Adam.

you said…
especially those with some certainty around their consumption patterns, don’t do this on their own.

Because commodity price is dependent on risk-free interest rate and you can’t predict exactly the direction of where the interest rate is going, can you? That’s the reason why financial analysts use hedging is to minimize your loss if the interest rate move against you. It is a form of insurance (a different form of insurance). Companies which trade internationally also use hedging to insure them (ie, to lock them in) against exchange rate movement. The value of your dollar is dependent on the exchange rate movement. Most buy currency derivative for insurance.

The founders of Petrofix are far more knowledgeable than Bernie Madoff regarding investment advise.

]]> By: Falafulu Fisi http://www.techcrunch.com/2009/05/22/petrofix-promises-to-cure-summer-woes-at-the-gas-pump/comment-page-1/#comment-2761805 Falafulu Fisi Fri, 22 May 2009 21:02:50 +0000 http://www.techcrunch.com/?p=67314#comment-2761805 Adam, reading their website I found out that the Petrofix founders are trained financial engineers (a.k.a <a href="http://en.wikipedia.org/wiki/Computational_finance" rel="nofollow">computational finance</a>) so they're already aware of what you're talking about ie, derivative trading. There are basically 2 major types of options (irrelevant if they're european/american, vanilla, exotic, etc,...), the equity-based type & interest-based type (of course there are other minor types but that's beside the point). Commodity price is interest-rate dependent, so I am sure that the founders are doing something like this or intended to include such functionalities in their system. Adam, reading their website I found out that the Petrofix founders are trained financial engineers (a.k.a computational finance) so they’re already aware of what you’re talking about ie, derivative trading. There are basically 2 major types of options (irrelevant if they’re european/american, vanilla, exotic, etc,…), the equity-based type & interest-based type (of course there are other minor types but that’s beside the point). Commodity price is interest-rate dependent, so I am sure that the founders are doing something like this or intended to include such functionalities in their system.

]]> By: star http://www.techcrunch.com/2009/05/22/petrofix-promises-to-cure-summer-woes-at-the-gas-pump/comment-page-1/#comment-2761795 star Fri, 22 May 2009 20:50:48 +0000 http://www.techcrunch.com/?p=67314#comment-2761795 leena dear, you come out ahead if gas prices are up on average by the fee amount (0.28 a gallon, to use your example) for all three months and NOT 0.84 a gallon as you have suggested leena dear,
you come out ahead if gas prices are up on average by the fee amount (0.28 a gallon, to use your example) for all three months and NOT 0.84 a gallon as you have suggested

]]> By: Adam http://www.techcrunch.com/2009/05/22/petrofix-promises-to-cure-summer-woes-at-the-gas-pump/comment-page-1/#comment-2761793 Adam Fri, 22 May 2009 20:47:52 +0000 http://www.techcrunch.com/?p=67314#comment-2761793 er, "weak" demand... er, “weak” demand…

]]> By: Adam http://www.techcrunch.com/2009/05/22/petrofix-promises-to-cure-summer-woes-at-the-gas-pump/comment-page-1/#comment-2761791 Adam Fri, 22 May 2009 20:47:17 +0000 http://www.techcrunch.com/?p=67314#comment-2761791 Wrong. They just buy a call option on an oil-linked ETF (like UGA, mentioned above, or USO or USL) that matches a customer's gas usage, charging a spread in the process. It doesn't matter what gas prices do, they made money. (Though if prices go down, or people think they'll go down, the service is useless and the company will see week demand.) Wrong. They just buy a call option on an oil-linked ETF (like UGA, mentioned above, or USO or USL) that matches a customer’s gas usage, charging a spread in the process. It doesn’t matter what gas prices do, they made money. (Though if prices go down, or people think they’ll go down, the service is useless and the company will see week demand.)

]]> By: Jeff http://www.techcrunch.com/2009/05/22/petrofix-promises-to-cure-summer-woes-at-the-gas-pump/comment-page-1/#comment-2761735 Jeff Fri, 22 May 2009 20:14:29 +0000 http://www.techcrunch.com/?p=67314#comment-2761735 Good 'call' (pun intended). I still am not sure why more people, especially those with some certainty around their consumption patterns, don't do this on their own. Oh well, if someone can make a buck on it well so be it. Good ‘call’ (pun intended). I still am not sure why more people, especially those with some certainty around their consumption patterns, don’t do this on their own. Oh well, if someone can make a buck on it well so be it.

]]> By: Joe http://www.techcrunch.com/2009/05/22/petrofix-promises-to-cure-summer-woes-at-the-gas-pump/comment-page-1/#comment-2761734 Joe Fri, 22 May 2009 20:13:46 +0000 http://www.techcrunch.com/?p=67314#comment-2761734 This is basically gas insurance. Gas prices go up more then expected and these guys go to the deadpool unless they get a gov't bailout. This is basically gas insurance.

Gas prices go up more then expected and these guys go to the deadpool unless they get a gov’t bailout.

]]> By: Falafulu Fisi http://www.techcrunch.com/2009/05/22/petrofix-promises-to-cure-summer-woes-at-the-gas-pump/comment-page-1/#comment-2761730 Falafulu Fisi Fri, 22 May 2009 20:12:16 +0000 http://www.techcrunch.com/?p=67314#comment-2761730 Another point to Petrofix developers, look at <a href="http://en.wikipedia.org/wiki/Linear_programming" rel="nofollow">Linear Programming</a> (LP) for its use in derivative hedging. This is the proper way of doing hedging is via LP and there are some LP open sources available on the internet in various languages (Fortran, C/C++, Matlab, etc,...). I use LP for hedging of various assets in the financial market (forex, equity, derivative). Another point to Petrofix developers, look at Linear Programming (LP) for its use in derivative hedging. This is the proper way of doing hedging is via LP and there are some LP open sources available on the internet in various languages (Fortran, C/C++, Matlab, etc,…). I use LP for hedging of various assets in the financial market (forex, equity, derivative).

]]> By: Falafulu Fisi http://www.techcrunch.com/2009/05/22/petrofix-promises-to-cure-summer-woes-at-the-gas-pump/comment-page-1/#comment-2761700 Falafulu Fisi Fri, 22 May 2009 19:53:58 +0000 http://www.techcrunch.com/?p=67314#comment-2761700 Good idea and good luck to Petrofix. Good idea and good luck to Petrofix.

]]> By: hitver http://www.techcrunch.com/2009/05/22/petrofix-promises-to-cure-summer-woes-at-the-gas-pump/comment-page-1/#comment-2761686 hitver Fri, 22 May 2009 19:43:07 +0000 http://www.techcrunch.com/?p=67314#comment-2761686 Most Americans felt the burn of volatile gas prices over the past year, especially last summer. For those people who use their car frequently for work or vacation, spikes in the cost of gas can be frustrating and costly. Most Americans felt the burn of volatile gas prices over the past year, especially last summer. For those people who use their car frequently for work or vacation, spikes in the cost of gas can be frustrating and costly.

]]> By: Andre de Cavaignac http://www.techcrunch.com/2009/05/22/petrofix-promises-to-cure-summer-woes-at-the-gas-pump/comment-page-1/#comment-2761685 Andre de Cavaignac Fri, 22 May 2009 19:42:45 +0000 http://www.techcrunch.com/?p=67314#comment-2761685 Peak Oil is a theory put forward by a single person, and although it gained some traction, it isn't exactly widely accepted by economists. If oil prices spike, demand will wane. Yeah, it'll suck for some people, but its not going to be the end of the world. In any case, I doubt this company is actually taking the risk on their side. They are probably just acting as a broker and securitizing or selling the risk to hedge funds and other investors. Peak Oil is a theory put forward by a single person, and although it gained some traction, it isn’t exactly widely accepted by economists. If oil prices spike, demand will wane. Yeah, it’ll suck for some people, but its not going to be the end of the world.

In any case, I doubt this company is actually taking the risk on their side. They are probably just acting as a broker and securitizing or selling the risk to hedge funds and other investors.

]]> By: Fred Blogger http://www.techcrunch.com/2009/05/22/petrofix-promises-to-cure-summer-woes-at-the-gas-pump/comment-page-1/#comment-2761673 Fred Blogger Fri, 22 May 2009 19:30:37 +0000 http://www.techcrunch.com/?p=67314#comment-2761673 Ever heard of peak oil? This is doomed to failure. Ever heard of peak oil? This is doomed to failure.

]]> By: Chris http://www.techcrunch.com/2009/05/22/petrofix-promises-to-cure-summer-woes-at-the-gas-pump/comment-page-1/#comment-2761671 Chris Fri, 22 May 2009 19:28:06 +0000 http://www.techcrunch.com/?p=67314#comment-2761671 They should start one in Canada. Oh wait, the govt there run by the mob would shut it down faster than you can say online car pooling. Don't Canadians wonder why they pay twice as much for gas when Alberta essentially has more oil than the middle east? If Canadians stopped paying twice as much for gas, the office du leur langue frenchais would go broke and so would ministries such as public works, which was headed by a notorious gangster who awarded multimillion dollar tech contracts to whoever bought him enough crap. As for the American version of this. I will probably sign up. I pay a good $40 for gas every month to get to and from work. Because I am driving to San Fran for Google IO, I will no doubt spend another $40-50 for the round trip. Sounds like a good service for Americans only. They should start one in Canada. Oh wait, the govt there run by the mob would shut it down faster than you can say online car pooling.

Don’t Canadians wonder why they pay twice as much for gas when Alberta essentially has more oil than the middle east?

If Canadians stopped paying twice as much for gas, the office du leur langue frenchais would go broke and so would ministries such as public works, which was headed by a notorious gangster who awarded multimillion dollar tech contracts to whoever bought him enough crap.

As for the American version of this. I will probably sign up. I pay a good $40 for gas every month to get to and from work. Because I am driving to San Fran for Google IO, I will no doubt spend another $40-50 for the round trip.

Sounds like a good service for Americans only.

]]> By: M13]2 http://www.techcrunch.com/2009/05/22/petrofix-promises-to-cure-summer-woes-at-the-gas-pump/comment-page-1/#comment-2761665 M13]2 Fri, 22 May 2009 19:21:52 +0000 http://www.techcrunch.com/?p=67314#comment-2761665 Gas prices here are 2 dollars per liter. Gas prices here are 2 dollars per liter.

]]> By: Leo http://www.techcrunch.com/2009/05/22/petrofix-promises-to-cure-summer-woes-at-the-gas-pump/comment-page-1/#comment-2761644 Leo Fri, 22 May 2009 19:02:19 +0000 http://www.techcrunch.com/?p=67314#comment-2761644 liya I M P L O Y E E S http://www.epiclosers.com/load/8-1-0-384 F A I L liya

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]]> By: Couger http://www.techcrunch.com/2009/05/22/petrofix-promises-to-cure-summer-woes-at-the-gas-pump/comment-page-1/#comment-2761617 Couger Fri, 22 May 2009 18:36:10 +0000 http://www.techcrunch.com/?p=67314#comment-2761617 What does this have to do with Twitter? What does this have to do with Twitter?

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