Gas signMid-January reports from the U.S. Energy Information Association confirm what should be obvious to motorists across the nation; gas prices are on the rise. This rise has put the price of gasoline above the $3 per gallon mark throughout the vast majority of the U.S. and is driving consumers towards more fuel-efficient vehicles.

Back in January, Ford's chief executive officer, Alan Mulally, stated:
As fuel prices go up, people put more emphasis on fuel economy. We saw previously that as gas prices get above $3, people start making different decisions.
Swapalease, a company that specializes in facilitating automotive lease transfers, indicates that the $3 per gallon cost has evoked an emphasis on the importance of fuel efficiency. The lease-transfer firm reports that it has received an abnormally high amount of requests for fuel-sipping autos and notes that clients looking to transfer out of leases due to abysmal fuel economy is on the upward trend.

Shocking, we know. Read all the details after the break.

[Source: Swapalease | Image: A Siegel – C.C. License 2.0]
Show full PR text
Consumer Preferences Shift as Gas Prices Rise

CINCINNATI, Jan. 25, 2011 /PRNewswire/ -- Mid month reports from the U.S. Energy Information Association confirm what your wallet already knows... that gas prices are on the rise across the United States. In fact, there is not a region across the country where prices were not up from the same period a year ago. Additionally, this rise put the price per gallon of gasoline above the $3 threshold in every region across the U.S. with the exception of one.

In mid January, Ford Motor Company CEO, Alan Mulally, was quoted as saying, "As fuel prices go up, people put more emphasis on fuel economy. We saw previously that as gas prices get above $3, people start making different decisions." Unlike a couple of years ago the automotive industry is better prepared as prices increase. This is especially true for the domestic automakers that are much better positioned this time around with more fuel efficient offerings. For instance, Chevrolet is introducing 3 new fuel efficient entrants including the Cruze, Sonic, and the much anticipated Volt plug-in hybrid electric.

Recent search requests at Swapalease.com indicate that the $3 per gallon barrier may cause a shift in consumer attitudes toward the importance of fuel efficiency when selecting their next vehicle. Company officials noted that search requests for higher mile per gallon vehicles have increased notably over the last several months. Clients looking to transfer out of leases as a result of fuel economy concerns is trending upward, too.

Company President and Co-Founder, Richard Joseph stated, "More of our clients were searching for cars that require less fill ups as 2010 came to a close and so far into 2011." He added, "Swapalease.com listened to customer feedback regarding the request for a way to easily search for more fuel efficient vehicles by incorporating a Green/Hybrid category search option." Customers can now search hybrid vehicles on Swapalease.com with a simple click of a button.

About Swapalease.com:

Headquartered in Cincinnati, Ohio, Swapalease.com is the world's largest automotive lease marketplace and the pioneer in facilitating lease transfers online. First conceptualized in 1997, Swapalease has evolved into a leading automotive consumer online destination servicing all aspects of the automotive leasing lifecycle including education, research, pricing, acquisition and lease transfer. For more information, please call 866-SWAPNOW (866-792-7669) or visit www.swapalease.com.