Why is less than $50/barrel oil good for the world?

Over the last ten months the price of crude oil per barrel has fallen more than 50% in the international markets. Most of the commentators from USA today, US News and Fortune etc. agree on the benefits of the cheap oil for US economy. Consumers mostly benefit by saving and having more money to spend thus lifting the US economy further.  At the same time OPEC, Russia, Venezuela and Iran bear the brunt of decreased revenue and thus limiting their capacity to create more instability in the world. Should be a good deal for all of us in the long run.

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