Brilliant Mind Behind:

Jason Toews was frustrated when he’d fill up with gas only to find cheaper gas a few minutes later. Thus he came up with the idea to post gas prices online as a way to find the lowest gas prices, without driving completely out of your way and was born. It’s a free app for iPhone, Android and Blackberry users, and it’s online for everyone else, and it relies on users to upload the latest pump prices and then publishes the results for all. Incentivizing users to post is a point system that awards prizes, but the real prize is finding extra cash in your wallet after you pull away from the station. Toews talks shop with us about his product and the state of gas prices. BoldRide: How do you ensure posted prices submitted by members are accurate? Toews: We know every gas stations pricing strategy, based on 12 years of tracking gas prices. We combine this with a member reliability rating to determine whether an individual price is accurate. How does the prize portion of GasBuddy work? We give points for submitting gas prices. Every 1000 points gets you an entry in the prize give away. Why are prices up at the pumps? When can we expect them to come down? What's the future of pump prices look like over the next few years? Gas prices follow the laws of supply and demand. There is more demand for gas in the summer, driving up prices. Also, in recent years, crude oil has risen substantially based on global demand, and the increased cost of extracting crude oil. Crude oil makes up around 70% of the cost of a gallon of gas. We’ll see a little bit of relief at the pumps in the fall, but the days of $1-$2 gas prices are gone. Within two years we’ll see $5-$6 per gallon gas, and $7-$8 per gallon in five years. How does the introduction of alternative energy-based cars affect the pump prices? We’re years away from alternative energy affecting pump prices. All of these new technologies, like electric cars, have a significant price premium. So much that you when you factor in the additional cost of the vehicle, you’re not actually saving money. The development of alternative energies will be accelerated by higher gas prices, which should help to drive down costs. However, this will take 15-20 years to play out. Any tips for greener driving to get the most bang for your buck out of your tank? We have a great list of fuel savings tips here

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