"July sales of SUVs were very strong"
That probably had more to do with price cutting by automakers. At some point, there will be demand destruction due to high oil prices. We just haven't seen it yet. What will it take? $60, $70 or $100 per bbl?
Here is a realistic article, from a year ago. Despite recent peak prices into the $60s, we might stabilize in the $40s for a few years.
http://www.oaoa.com/news/nw051404i.htm
Article from Odessa, Texas (not Odessa, Russia). From real oil patch folks.