System and Method for Fuel Price-Protection

• US 20100306078A1
• Filed: 09/05/2008
• Published: 12/02/2010
• Est. Priority Date: 09/05/2007
• Status: Active Grant

• Current Assignee: Crius Energy LLC (Vistra Corp.)
• Original Assignee: Young Hwang
• Inventors: Hwang, Young
• Granted Patent: US 8,346,616 B2
• Time in Patent Office: Days
• US Class Current: 705/26.1
• CPC Class Codes: G06Q 20/145 Payments according to the detected use or quantity
• CPC Class Codes: G06Q 20/387 Payment using discounts or coupons relating to marketing G06Q30/02
• CPC Class Codes: G06Q 30/02 Marketing; Price estimation or determination; Fundraising
• CPC Class Codes: G06Q 30/0283 Price estimation or determination
• CPC Class Codes: G06Q 30/0601 Electronic shopping [e-shopping]

Abstract

A fuel-price protection mechanism whereby customers may pre-purchase quantity-based amounts of fuel and retrieve said fuel at any participating fuel retailer. The quantity-based amounts of fuel are represented in the customers account as a quantity-based fuel credit. The fuel credits may be redeemed at a participating fuel retailer to obtain fuel. The fuel credits are associated with a customer'"'"'s home geographical region or a customer'"'"'s selected price class. A conversion mechanism will allow the customer to redeem fuel credits in a different geographical region or price class. Redemption within the home region or the customer selected price class can occur without conversion.

Claims

1-138. -138. (canceled)

139. A system for approving or denying customer requests to withdraw fuel from retail locations, comprising:

a storage system configured to store;

account records each comprising an unique account identifier, a credited fuel quantity, and a price-centric class associated with the credited fuel quantity; and

price records each comprising an unique price-centric class identifier and a posted fuel price for the corresponding price-centric class;

an interface configured to receive customer withdrawal requests via retail locations, wherein each withdrawal request comprises an account identifier and information for determining a price-centric class of the retailer location;

a processor configured to approve or deny each withdrawal request based on credited fuel quantity in the account record corresponding to the account identifier in the withdrawal request and any differential between the posted fuel price corresponding to the price-centric class of the retailer and the posted fuel price corresponding to the price-centric class associated with the credited fuel quantity,

wherein a withdrawal approval or denial is returned to the respective retail location in response to each withdrawal request.

140. The system of claim 139, further comprising a database for storing eligible fuel retailers, wherein each eligible fuel retailer is associated with a price-centric class.

141. The system of claim 139, further comprising a database for storing a plurality of current retail fuel prices in each price-centric class.

142. The system of claim 139, further comprising a financial account for holding risk management instruments.

143. The system of claim 139, further comprising:

a converter for adjusting the credited fuel quantity as a function of the differential.

144. The system of claim 139, wherein the storage system is also configured to store usage records each comprising a retailer location identifier and fuel type and quantity of fuel withdrawn at the retailer location.

145. The system of claim 144, wherein the price-centric class associated with the credited fuel quantity is based on the usage record information.

146. The system of claim 145, wherein the storage system is also configured to store a pre-set price limit for controlling redemption of the credited fuel quantity.

147. A method for approving or denying a customer request to withdraw fuel from a retail location, comprising:

storing account records each comprising an unique account identifier, a credited fuel quantity, and a price-centric class associated with the credited fuel quantity;

storing price records each comprising an unique price-centric class identifier and a posted fuel price for the corresponding price-centric class;

receiving a customer withdrawal request via the retail location comprising an account identifier and information for determining the price-centric class of the retailer location;

in response to the withdrawal request, returning one of a withdrawal approval and a withdrawal denial based on the credited fuel quantity in the account record corresponding to the received account identifier and any differential between the posted fuel price corresponding to the price-centric class of the retailer and the posted fuel price corresponding to the price-centric class associated with the credited fuel quantity.

148. New The method of claim 147, wherein the withdrawal approval comprises a withdrawal limit.

149. The method of claim 147, further comprising acquiring a financial instrument, wherein the financial instrument has a valuation that is correlated with the retail price of the fuel product.

150. The method of claim 147, wherein the determining the credited fuel quantity available for a transaction comprises adjusting the number of available quantity-based fuel credits to reflect a price differential between the posted fuel price corresponding _to the price-centric class of the retailer and the posted fuel price corresponding to the price-centric class associated with the credited fuel quantity.

151. The method of claim 147, further comprising storing the customer'"'"'s usage information comprising the retailer location identifier and fuel type and quantity of fuel withdrawn at the retailer location.

152. The method of claim 151, further comprising determining the price-centric class associated with the credited fuel quantity based on the usage information.

153. New The method of claim 152, further comprising storing a pre-set price limit for controlling redemption of the credited fuel quantity.

154. A computer readable medium embodying a computer program for approving or denying a customer request to withdraw fuel from a retail location, the computer program comprising:

computer program code for storing account records each comprising an unique account identifier, a credited fuel quantity, and a price-centric class associated with the credited fuel quantity;

computer program code for storing price records each comprising an unique price-centric class identifier and a posted fuel price for the corresponding price-centric class;

computer program code for receiving a customer withdrawal request via the retail location comprising an account identifier and information for determining the price-centric class of the retailer location;

computer program code for, in response to the withdrawal request, returning one of a withdrawal approval and a withdrawal denial based on the credited fuel quantity in the account record corresponding to the received account identifier and any differential between the posted fuel price corresponding to the price-centric class of the retailer and the posted fuel price corresponding to the price-centric class associated with the credited fuel quantity.

155. The computer readable medium of claim 154, wherein the withdrawal approval comprises a withdrawal limit.

156. The computer readable medium of claim 154, further comprising computer program code for acquiring a financial instrument, wherein the financial instrument has a valuation that is correlated with the retail price of the fuel product.

157. The computer readable medium of claim 154, further comprising computer program code for storing the customer'"'"'s usage information comprising the retailer location identifier and fuel type and quantity of fuel withdrawn at the retailer location.

158. The computer readable medium of claim 157, further comprising computer program code for determining the price-centric class associated with the credited fuel quantity based on the usage information.

159. New The computer readable medium of any one of claim 158, further comprising computer program code for storing a pre-set price limit for controlling redemption of the credited fuel quantity.