Ford sales dropped 26 percent. The No. 3, U.S. automaker saw a steep slide in demand for its SUVs and trucks.

Auto sales continued to tumble last month, according to reports from automakers out yesterday. That makes August the 10th straight month of U.S. sales declines.

Sales are down a substantial 15.5 percent from year ago; it’s the longest continuous losing streak in the auto industry since 2001, when the U.S. was in a recession.

At first these statistics seem pretty depressing. After all, oil is down-settling yesterday at $109.35 a barrel, far from its July 11, high of $147.20 and gas is following the lead.

So, why aren’t consumers out buying cars again?

Well, first off, though its true oil is down in the short-view, it’s still way up from a year ago. Last September 4, oil was trading for just $75.08, which seems like a steal now. Plus, the run-up in oil prices was fast and furious: consumers are still experiencing Shell shock.

Finally, even if gas prices continue to drop, the high prices we’ve seen this year have changed how people think about their cars: buyers are now considering gas mileage and energy efficiency far more than they used to, and the auto industry is still adjusting to new consumer demands.

Let’s look at the numbers from some of the major automakers:

1. General Motors sales fell by over 20 percent. While that’s a significant drop, many were expecting worse. In fact, August was GM’s best month this year. 

2. Toyota sales fell 9 percent. Toyota fared better than many other automakers because of its popular Prius hybrid and fuel-efficient Yaris, though it was hurt by limited supplies of both.

3. Ford sales drop 26 percent. The No. 3 U.S. automaker saw a steep slide in demand for its SUVs and trucks and trimmed its forecast for full-year, industry-wide sales.

Despite these depressing numbers, some insiders are hopeful that the auto industry might be turning a corner. Easing gas prices are starting to improve consumers’ moods and though dismal, August sales were still up 10% from July.

Many of the major automakers are busy retooling their truck and SUV factories to make better-selling smaller cars. In the meantime, many are offering special deals and incentives on those larger gas-guzzlers to clear up glutted lots. Most companies are also vigorously developing new hybrids and other more efficient models that should give consumers more bang for their buck in the near future.

So there appears to be a light at the end of the tunnel. Let’s hope we can drive towards it quickly.

- Ali Velshi is CNN’s Senior Business Correspondent