In addition to cutting back on driving, consumers are also buying more fuel-efficient vehicles. U.S. automakers reported a continued drop in SUV and truck sales in April, but smaller cars and hybrid vehicles have increased dramatically. Sales of Toyota's hybrid Prius rose 67% in April.
Last month, the U.S. Department of Energy said that the national average price of gasoline would hit a high of $3.60 this year. But gas prices have already surpassed that forecast well before the typical peak in gasoline prices in June, leading some analysts to raise their forecasts toward a high beyond $4.
"For gas prices to come down significantly, we'll have to see a material depreciation in the value of crude, but with prices hitting $120, it doesn't look like that's happening any time soon," Schork said.
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