This simple flow chart illustrates how low oil prices seep through the global economy (USO, OIL)

Source: http://www.businessinsider.com/effects-of-low-oil-prices-chart-2015-3

Some analysts have described the oil crash of late 2014 as the most important economic event since the financial crisis.

In February, Citi's Ed Morse said West Texas Intermediate crude oil prices could fall as low as $20 per barrel from its triple-digit level we saw last summer.

To help us understand how all this fits into the big picture, Morse's team offers this flowchart that shows all the effects that low oil prices continue to have on the global economy.  

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