In some ways, this is good. Petrol and diesel prices have dropped and plateaued, reducing motoring cost for individuals, and for businesses dependent on delivery vehicles. Fuel oil has also become cheaper.
Further afield, transportation expenses have fallen for globalised supply chains (often manufacturing products in the Far East) keeping costs, and therefore inflation, down.
Of course, oil has a range of other uses as well as fuel. It is an used to make road surfaces, plastic bags, paint... From to pharmaceuticals to fishing rods, oil is a critical ingredient in a range of products, so many businesses and their customers have directly and indirectly benefited from the lower prices of crude. Overall the fall in oil prices has meant consumers have had greater spending power and felt better off in real terms.
There have been losers as well. Oil producers and regions (or countries) that rely on this industry have had a hard time. Some smaller firms have struggled as profit margins have vanished, this being particularly the case for the hydraulic-fracturing reliant shale gas and oil businesses. Deep water and difficult to extract conventional oil has also become unprofitable.
But the big losers have been the renewable energy firms that were starting to look economically viable. With oil being so cheap they've become expensive options. This is a real problem for long-term energy supplies as renewables are essential in the future mix. Once fossil fuels become more expensive there will be a need alternatives.
So, oil is burned like there is no tomorrow, it is helpful to remember that there is a tomorrow and there won't be any cheap oil when it comes.