Europe and Asia

Europe is welcoming the lower gas and oil prices as of now. A 10% fall in prices should lead to a .1% increase in economic output. Consumers will enjoy the low gas prices for a short period of time however after production slows down due to low revenue that gas prices will shoot up again. China, which is set to become the largest net importer of oil, should gain from falling prices. However, lower oil prices won't fully offset the far wider effects of a slowing economy. Further, in Japan the lower gas and oil prices are contributing to the inflation crisis.