Site Lets Small Firms Hedge Fuel Costs (Updated)

This story was originally published on March 26, 2011. It has been updated to include new information about the company.

REDWOOD CITY, Calif. (TheStreet) -- Small and midsize businesses hurt by rising fuel prices can follow a risk-management strategy once available only to large companies.

Pricelock offers fuel price protection through what is essentially an insurance policy. It is able to offer the strategy online by grouping businesses and working with investment banks.

The Pricelock Web site lets business owners hedge against rising fuel costs; clients pay a fee that protects them when prices rise above the maximum they're willing to pay.