A rise in oil prices has always been associated with a harsh economy and high cost of living. Since almost all sectors in the economy are directly or indirectly affected by oil prices, it is expected that this fall in oil prices will positively affect the economy of many countries in the world.
As oil producers count the cost of the oil price, countries that rely on oil imports are rubbing their hands. Many European countries welcome a collapse in the cost of fossil fuels and the knock-on effects for petrol prices. And If the oil price continuous to drop, it will almost certainly lead to a worldwide economic boost.
The continued drop in the price of oil will help the world economy in a variety of ways. The first is the reduced cost of transportation to move goods and services locally and internationally. This includes the travel industry, which during the peaks of the oil prices saw airlines adding a fuel surcharge to ticket prices.
Where I'm from, much of the economy is based on the oil field. While people at the pump enjoy lower prices, people around me are experiencing less work, less pay, and harder times. Oil workers find it harder to feed their families when prices plummet, so there's two sides to every coin.