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Cheap gas: What are the worldwide implications?

Gas prices
Regular gas cash price is displayed for $2.06 a gallon at a BP station January 6, 2015 in Flint, Michigan.
Joshua Lott/Getty Images

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The price of oil has plummeted, leaving consumers happy at the gas station, Minnesotans are finding gas for less than $2/gallon for the first time in years.

An estimate from The Economist found that the typical American who spent $3,000 at the pumps in 2013 would spend $800 less this year on gas.

What are the bigger implications of low gas prices in the U.S. and globally? Who is truly benefiting from these lower prices and what industries are being harmed by the drop in cost?