Yes, falling oil prices are good for the economy. By having lower oil prices, gas pricesa re lower as well which leaves more money in the average consumers pockets. This will allow them more money to spend on other things, which will in turn help companies make more money and improve the economy overall.
If oil prices continue to drop especially as we enter the holiday season, we will see an increase in disposable income for most consumers, as they will be spending less on weekly gasoline expenses and have more money to spend on travel, gifts, and other holiday expenses. I hope oil prices continue to fall.
Falling oil prices benefit so many sections of the economy. Businesses have cheaper transport for their products, allowing them to potentially take on more drivers (jobs) in more vehicles (investment). The end consumer, spending less on fuel (both electric and transportation) will have greater spare money driving consumer spending. Coupled with travel being cheaper consumers should spend more, reinforcing this positive circle of behavior.
If you go by the basis at which people make money and the basis of the current economy, it can be made apparent that the rising price of gas would then cause for a decrease in people going out and doing activities. This means that various economies would suffer due to the increase of gas prices.