American Drivers Should Thank European Voters

Oil futures fell on Monday, after new concerns arose over the continuing European debt saga.In Spain, the ruling Spanish Socialist party suffered heavy losses in local elections. The conservative Popular Party gained a foothold in many traditionally Socialist districts.The Spanish people are currently suffering some of the worst economic conditions in the industrialized world. Spain's unemployment rate is 21.19%--the highest among developed nations. Nearly half of Spanish workers under the age of the 25 are unemployed.Standard and Poor's cut its debt outlook on Italy, citing poor growth prospects. According to Forbes, Fitch and Moody's said they were not reconsidering their ratings of Italy.Still, the European nations traditionally considered to harboring dangerous levels of debt have been Portugal, Ireland, Greece and Spain. Adding Italy to that list only further compounds the challenges facing the euro.The U.S. dollar index reached a high it had not seen since March.Traders looking to play continued euro weakness may wish to consider ProShares UltraShort Euro (NYSE: EUO). EUO may do well if the debt situation continues to worsen in Europe.Inversely, traders believing that Standard and Poor's may have overreacted might want to consider a short oil play. United States Short Oil Fund (NYSE: DNO) may do well if oil continues to decline in price.For better or worse, it does not appear that the debt situation in Europe will end any time soon.