Tumbling oil prices on the global market are finally trickling down to pumps at local gasoline stations, much to the relief of Hawaii residents, who have seen more of their household budgets going to fuel and electricity costs.

The higher prices prompted motorists to drive less, carpool, take the bus and trade in their gas-guzzlers for more fuel-efficient vehicles. Residents also are using less electricity to cut their power bills.

They should continue conservation measures because the drop in oil prices is temporary and even when economic conditions improve, predictions are for energy costs to rise considerably.

Gasoline prices in Honolulu have fallen to about $3 or less from a summertime charge of more than $4.30, largely due to plummeting prices for crude oil that went from a high of more than $147 a barrel in July to less than $60 this week.

The decrease, reflecting global economic instability, has caused refiners and producers to slash spending on new projects and exploration. When economies begin to recover, demand will increase again and send prices even higher than before.

“;While macroeconomic conditions have lowered oil prices for the moment, there is nothing in the underlying economic picture that suggests this slowdown will be long-lived,”; warned former Secretary of Energy Spencer Abraham after the release of the annual World Energy Outlook report Wednesday in London.

“;There was not enough production even when we were in triple-digit oil markets over the summer, and there's going to be a lot of pressure on the system when economies recover,”; Abraham said.