HONOLULU (HawaiiNewsNow) – In a good sign for summer fuel prices, U.S. benchmark crude oil fell below $97 a barrel Monday morning. It had been $100 a barrel Friday.
Crude oil prices fell globally after weekend elections in France and Greece. Voters in both countries turned out their leaders, who had negotiated austerity measures and debt forgiveness.
Oil traders, who know several European countries have slipped into double-dip recessions, are betting that new leadership in France and Greece will undermine the debt deal and make matters worse, leading to less consumption.
The Honolulu average regular gasoline price fell to $4.42 a gallon Monday morning, AAA reported, in response to crude oil prices falling 60 days ago.
The current decline in crude will affect pump prices about 60 days in the future. Thus the European crisis Monday could improve consumer gasoline prices this summer.