Nevertheless, the shift to cars is underway. The US Department of Commerce says cars represented 51.4% of domestic light vehicle sales in August, down from the recent peak of 57.8% in May, but flipping last year’s trend, when trucks represented 52.8% of sales.

Automakers are responding to the change in demand. In July, Toyota (TM) announced that it would halt production of its Tundra pickup truck for 3 months while it shifted production to a plant in San Antonio, Texas.

Buyers are also willing to pay a premium for compact hybrid cars made by Toyota and Honda on the theory they’ll save money by burning less gasoline over the life of the car. It’s uncertain if a significant number of buyers will pay a premium for electric cars now under development.

Small, fuel-efficient cars may get buyers into the showroom, where they’ll be pushed toward mid-sized sedans and “crossover” vehicles, or those built on a car frame, but offering more of the style and features of an SUV - not to mention higher profit margins. This is likely to mean a lower gas mileage, but good driving habits can still save money at the pump.

Some small cars such as the Toyota Scion are pitched at younger buyers. The 2009 Scion starts at $17,000, but what the heck - a youthful image isn’t cheap.

Small cars make increasing sense to drivers who feel they’ve got to hock the kids to pay for the next fill up - at least for now. The sudden shift to small cars may be temporary, and larger cars may make a comeback when oil prices stabilize and the credit crunch eases. That will give people a sense of security, and those with money to spent are likely to dump their jellybean cars for something larger and more comfortable.

But that doesn’t mean a return to what might be called the “Jersey cowboy” or the “Santa Monica honcho” - suburban drivers who buy huge pickup trucks strictly for looks. The days of driving a vehicle powered by a turbo-charged V-8 engine to the convenience store are almost certainly gone. Automakers and OPEC will miss them.

Drivers say they want smaller, fuel-efficient cars, and automakers are responding. We’ll soon find out if “small is beautiful” takes a bite out of automakers’ profits.