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"We cannot escape the reality that $80 oil induces consumers to practice energy conservation (and) modestly curtails ex-energy consumer spending," wrote energy analysts at Raymond James in a research note on Monday.

LOW STOCKPILES

U.S. gasoline stocks are more than 22 million barrels, or about 10 percent, lower than they were at the same time last year, according to U.S. government data.

The current weakness in gasoline prices relative to crude has prompted leading U.S. refiners including Valero, Marathon Oil and Chevron to warn investors that their profits will fall in the third quarter.

But analysts expect gasoline prices will rebound. Average retail gasoline prices could surpass $3.50 per gallon next summer if crude oil prices hold at their current levels.

"If we go though another spring and summer where U.S. refineries have trouble operating above 90 percent of capacity, I think we will finally see $4 gasoline in some places," said Stephen Schork, publisher of the Schork report, an energy futures newsletter.

SAVED BY A CORRECTION?

The one hope for drivers could be a correction in the oil market, which some analysts believe is becoming overvalued. Speculative investors have been buying crude oil and other commodities as a hedge against inflation and the declining value of the U.S. dollar.

"A lot of this market is dependent on what happens this winter and where supplies are when we come out of it," said Eric Wittenauer of A.G. Edwards in St Louis.

"If the winter is warm as it has been forecast, we could see a correction."