The price that the world had to pay for a barrel of oil last year was cut in half. That drop resulted in people all over the world paying less for the energy they need for heating, cooling, driving, cooking, wherever oil is used for power.
"[Since] the world burns 34 billion barrels of oil every year, a $10 fall in the price of oil shifts $340 billion from oil producers to consumers. [And] the $60 price decline since last August will redistribute more than $2 trillion [60 x 34 million) annually to oil consumers, providing a bigger income boost than the combined US and Chinese fiscal stimulus in 2009."
That's just the benefit to consumers, to households. Beyond consumers, businesses are also cutting their costs because of declining oil prices. That will lead to worldwide economic growth, which supports improved standards of living.
And all this happened . . how?
(cont'd tomorrow)
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