Falling oil prices will increase people's confidence in spending and the economy in general. In truth, the average person will save very little, it will create a false sense of security and make them feel better about the economy and their political leaders. In truth, falling oil prices is just a part of the economic picture, and a temporary one at that.
There are a multitude of reason why prices are dropping like they are. The two major variables are the recent oil strikes in the USA and the overproduction of oil in Saudi Arabia. The company's have produced so much that they have been able to cut back on the spending on drilling and labor. They have lowered the prices so significantly, that when other company try to compete, they start losing money. The Saudis are attempting to build a monopoly in the oil industry.
Falling crude oil prices are the norm these days and this is not the harbinger of doom for thr global economy. These are trends, and when historic trends are looked at is apparent that the global economy responds with corrections and up and downs that eventually level off to safe and healthy economic levels.
Falling oil prices make things more affordable. So much of what we buy, like foods and other consumer goods, vary in price depending on the price to ship. Truckers can do their job less expensively. We all have more money to buy if gas prices are lower. Falling prices is a good thing.
Falling oil prices will only hurt those who make billions and billions of dollars off of oil. For the sectors of the economy which have been hurt by rising oil costs it will be good. Possibly mean a greater amount of travel, and the cheaper flow of foreign goods which are not accessible when oil is high.