Will tumbling oil prices help energize spending?

Cheaper fuel might help economy eventually

In this Feb. 25, 2015, file photo, more than 30 oil drilling rigs are idle in a Helmerich & Payne Inc. yard in Odessa, Texas, along Highway 80, as rig counts drop in the Permian Basin. The price of oil continues to fall, extending a slide that has already gone further and lasted longer than most thought, and probing depths not seen since 2003. Lower crude prices are leading to lower prices for gasoline, diesel, jet fuel and heating oil, giving drivers, shippers and many businesses a big break on fuel costs. But layoffs across the oil industry are mounting, and bankruptcies among oil companies are expected to soar. - photo by Associated Press

W Oil-How Low Can It Go Ledb — In this Feb. 25, 2015, file photo, more than 30 oil drilling rigs are idle in a Helmerich & Payne Inc. yard in Odessa, Texas, along Highway 80, as rig counts drop in the Permian Basin. The price of oil continues to fall, extending a slide that has already gone further and lasted longer than most thought, and probing depths not seen since 2003. Lower crude prices are leading to lower prices for gasoline, diesel, jet fuel and heating oil, giving drivers, shippers and many businesses a big break on fuel costs. But layoffs across the oil industry are mounting, and bankruptcies among oil companies are expected to soar. - photo by Associated Press

WASHINGTON — Sinking oil prices have cratered the stock market. But a silver lining could appear eventually. Cheaper gasoline and heating oil are giving consumers worldwide more money that they can use to step up spending later — and perhaps energize economies in the United States, Europe and much of Asia.

Associated Press

Associated Press