This simple flow chart illustrates how low oil prices seep through the global economy

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 $US20 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.

NOW WATCH: 9 animated maps that will change the way you see the world

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at