Oil demand is growing as many consumers in emerging markets are buying automobiles, making the prices linked more to car sales than industrial output, an economist for Credit Suisse wrote.

Oil prices may go over $50 per barrel as soon as May, according to a report by Credit Suisse Group AG Global Energy Economist Jan Stuart, Bloomberg reported.

“Oil demand growth is alive and well. We think that with hindsight this winter will look like a dip in an otherwise still unfolding fairly strong growth trend that is partly fueled by the ongoing economic recovery of North America and Europe and longer standing trends across key emerging market economies,” Stuart wrote in a report cited by Bloomberg.

Stuart also noted that growth rebounded in the US and China, while South Korea an India extended their strong growth.

The Credit Suisse repot also noted that much of the growth is being driven by demand for gasoline, as car sales have grown in markets outside of the United States.

“We forecast modestly re-accelerating demand growth over the course of this year, so long as a recession continues to be avoided. We project in fact that oil demand should continue to outperform historic correlations with industrial production,” Stuart wrote.