Cheaper oil prices are pure oxygen to the rest of the economy. high oil price dampen the rest of the economy.
High oil prices in the 80 dollar range choked the world economy. as a result estimates for worldwide growth for next year tanked. when those estimates tanked. so did the price of oil because lower growth means lower demand for oil. the price of oil today is all about anticipation of what future demand will be.
That said, the result of low oil prices will be greater economic growth, higher demand for oil and therefor higher oil prices.
the correct analogy is higher oil prices are analogous to high taxes and interest rates. low oil prices are analogous to low taxes and interest rates.
A guy named Adam used to he term “invisible hand” to describe the overall effect of markets. Smart guy.