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10 things that will be cheaper because of falling oil prices

GOBankingRates Logo By Chuck Epstein of GOBankingRates | Slide 1 of 11: While oil prices on global markets have fallen about 60 percent since June 2014, according to the BBC, the drop has created major losses for the oil industry and its workers. But because oil is one of the economy’s most important commodities, it has produced price benefits for consumers in many industries that rely on energy commodities to provide products and services."For consumers, low oil prices directly translate into lower transportation expenses at the gas station and airplane flights," said Mike Ser of Ser Man Traders. These kinds of cost reductions help consumers save money and gives them more disposable income, he said."For industries, low oil prices mean manufactured goods have a lower cost basis, and this can translate into bigger profits through costs savings or passing savings to consumers, which can drive further demand,” said Ser.Here are 10 things that will be cheaper for you and ways your budget will be easier to manage because of falling oil prices.

How your budget is affected by falling prices

While oil prices on global markets have fallen about 60 percent since June 2014, according to the BBC, the drop has created major losses for the oil industry and its workers. But because oil is one of the economy’s most important commodities, it has produced price benefits for consumers in many industries that rely on energy commodities to provide products and services.

"For consumers, low oil prices directly translate into lower transportation expenses at the gas station and airplane flights," said Mike Ser of Ser Man Traders. These kinds of cost reductions help consumers save money and gives them more disposable income, he said.

"For industries, low oil prices mean manufactured goods have a lower cost basis, and this can translate into bigger profits through costs savings or passing savings to consumers, which can drive further demand,” said Ser.

Click ahead for 10 things that will be cheaper for you and ways your budget will be easier to manage because of falling oil prices.

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