Let $X$ be a Hausdorff completely regular space. Let $B(X)$ denote the algebra of real bounded functions, and let
$$B_\infty (X) = \{ f \in B (X) \mid f^{-1} ([r , \infty)) \text{ is compact} \ \forall r>0 \}$$
be (by definition) the subalgebra of the functions that vanish at infinity.
I don't think that $B_\infty (X)$ is an ideal,
but if $f \in B_\infty (X)$ and $g$ is continuous and bounded, does $fg$ vanish at infinity? (Take them positive, for simplicity.)
Empirical evidence suggests so (for instance, try $f$ the characteristic function of some compact subset), but I am looking for a proof.
Notice that if $r>0$ is fixed and $K_r = \{ x \in X \mid f(x) g(x) \ge r \}$, then $x \in K_r$ implies $g(x) \ne 0$, therefore
$$K_r = \bigcup _{t>0} \left\{x \in X \mid g(x) = t \text{ and } f(x) \ge \frac r t \right\} = \bigcup _{t > 0} g^{-1} (\{t\}) \cap f^{-1} \left( \left[ \frac r t, \infty \right) \right)$$
and this leads nowhere, since an arbitrary union of compact subsets is not necessarily compact, not even closed.
It turns out to be trivial, but not in an obvious way. Since $f$ is positive and vanishes at infinity, it is upper-semicontinuous. Since $g$ is continuous, it too is upper-semicontinuous. Since both are assumed positive (an essential hypothesis), it follows that $fg$ is upper-semicontinuous (see Proposition 2 on page 362 of Bourbaki's "General Topology: Chapters 1–4"), therefore $(fg)^{-1} ([r, \infty))$ is closed for all $r>0$.
Next, since $g$ is bounded, for every $r>0$ we have $(fg)^{-1} ([r, \infty)) \subseteq f^{-1} \left( \left[ \frac r {\sup g}, \infty \right) \right)$ which is compact by assumption. Since $(fg)^{-1} ([r, \infty))$ is a closed subset of a compact one, it itself is compact, hence $fg$ vanishes at infinity.
It seems that the topological hypotheses on $X$ (being Hausdorff and completely regular) may be dropped, since they don't appear to be used anywhere.