New York, Boston and Chicago are all vying for a spot in the low cost oil futures market, which will allow for much more trading.
The Low Cost Oil Exchange, a low cost exchange, has popped up recently in Boston, but it’s already starting to draw customers from across the state.
In the latest sign of the low price of oil, it opened up to its new clients today, and it has seen some of the most impressive demand.
The low cost is the only way to be sure that your energy costs are reasonable, said John Nussbaum, a spokesman for the exchange.
Low cost means the prices are lower than those for oil companies.
So, it’s not like you’re losing $1 per gallon at the pump, or losing $6.50 per gallon.
That’s not true.
It’s like $1, $2 and $4, depending on how much oil you have, he said.
It’s a great way to hedge against fluctuations in oil prices, he added.
But it’s also risky for people who don’t have a lot of money.
Nussba said it’s important to be prepared for the fluctuation.
“You should be ready to trade the price of gas, or for any other commodity,” he said, adding that the exchange will accept cash and debit cards.
It can be a challenge to find people willing to trade on the exchange because they don’t all know each other.
But there are signs that the market is growing.
On Monday, the exchange announced that it had sold more than $4 million worth of shares, and more than 2,000 people signed up for an account.
It also announced that its trading volume had doubled since its start.
Its biggest competitor, the Continental Oil Exchange of Austin, Texas, is operating out of a garage at the former BP refinery.
It sells the same type of crude oil as the low oil exchange, but Continental is selling it at a lower price.
It has seen its stock price jump nearly 400 percent since it launched its low cost trading service in late 2015.
Continental says it has a “very robust” business and expects to generate a profit of about $50 million this year.