During the latter part of 2014 the oil price fell from well over $100 per barrel to around $50 per barrel. Why might this sudden fall have occurred and how will it affect economies around the world?
(Guidance: try to relate your answer to relevant theory where possible. Think about how and why the fall in oil prices will affected economies, and individuals within those economies. Are the effects of the lower price being felt already? How might lower prices influence macroeconomic policy)