If oil prices drop to $50, what effects do you believe this will have on the global economy?

Question

If oil prices drop to $50, what effects do you believe this will have on the global economy?

Answer 1

Oil will be in more demand and will run out quicker.

Answer 2

First, there will be a global economic boom.  People will spend more and take on more debt.  However, people will also begin to stockpile oil to sell at a future date for a profit.  This will eventually reverse the economic boom and drive prices back up.  No matter what, the trend will always be up.  This is the inexorable consequence of fiat money and fractional-reserve banking.