Overall, the effects of low oil prices here in the U.S. have been positive—very positive, in fact. In the rest of the world, this is even more true. China and Europe, for example, import much more energy as a proportion of their economies than we do, and the positive effects have been proportionately greater. Whatever troubles China and Europe are having, they would be much, much worse with higher oil prices.

There are, however, real costs of cheap oil.

Click the photo to see the full article.