The price drop of crude oil is beneficial in that it

The decline in oil prices triggered last week by a row between major world crude producers over output could provide a timely boost to the struggling global economy, analysts believed. Crude prices fell some 15% last Week--bad news for the world’s major exporters locked in a nerve-wracking battle for market share, but good news for oil importing western economies that are flirting with recession. However, major importers like the United States, Japan and the European Union do not want oil prices to plunge to pitiful levels. Ridiculously cheap crude oil would present a new set of problems--destabilizing the Middle East and encouraging wasteful use that would aggravate global warming, analysts say. But for now, economic managers in Washington, London and, Tokyo grappling with a testing economic downturn are happy with recent development in crude markets.