The rise in U.S. fuel prices isn't yet spurring a major pullback in driving, but that could soon change, a new Dallas Fed analysis finds.

The big picture: Gas demand is historically not very sensitive to prices.

• But "prices may be closer to consumers' pain threshold than inflation-adjusted prices might suggest," Dallas Fed economist Garrett Golding writes.
• If they rise higher, "expect consumers to respond by cutting back on fuel consumption and overall spending sooner than later."

What we're watching: Remote work options could reduce demand, per the report, but it's "too early to fully assess the impact."

• And many low-wage workers — the ones most hurt by high costs — lack that choice.