A renewed plunge in oil prices is a worrying sign of weakness in the global economy that could shake governments dependent on oil revenues. It is also a panacea as pump prices fall, giving individuals more disposable income and lowering costs for many businesses.

Partly because of the shale oil boom in the U.S., the world is awash in oil but demand from major economies is weak so prices are falling.

The latest slide was triggered by OPEC's decision Thursday to leave its production target at 30 million barrels a day. Member nations of the cartel are worried they'll lose market share if they lower production.

Brent crude, a benchmark for international oils, was at $72.50 a barrel today, down nearly 30 percent in the past three months and at its lowest in four years. U.S. crude oil slid 7.5 percent to near $68 a barrel today and is down 27 percent over three months.

OPEC countries and other major oil exporters will feel the biggest negative impact.

In Asia, lower oil prices are a definite positive for trade balances and government finances as the region is a major oil importer and some nations subsidize the price of fuels. But there are also possible negatives.

At an Esso filling station near Tokyo, prices remain relatively high. Japan is reliant on foreign oil, but due to import contracts there is a lag in cheaper crude filtering down to consumers. Also, a recent drop in the yen's value will reduce the savings Japan can reap from lower oil prices. In June, regular gasoline cost $5.29 a gallon at Shimbashi. The price rose to $5.53 a gallon in July and was $5.44 a gallon this morning. Prices are expected to fall but this welcome relief for will complicate the government's efforts to end Japan's deflation.

Beijing has cut prices repeatedly this year in line with declining crude prices. The Cabinet adjusts retail prices when crude changes by at least $1.15 a barrel over a 10-day period. Today in Beijing, highest grade gasoline cost $4.54 a gallon. In June, the price in the Chinese capital was $5.11 a gallon. Cheaper fuel would ease financial pressure on manufacturers at a time when economic growth has declined steadily over the past two years due to weak demand for exports and government efforts to cool a construction boom.

Fuel prices have risen because the government has cut its expensive subsidies, more than offsetting the decline in global oil prices. Gasoline is currently $2.64 a gallon, up from $2 a gallon in June. The higher prices triggered street protests, with some questioning why fuel prices were rising in Indonesia at a time when they were dropping elsewhere. The latest fall in crude prices may help ease tensions once it flows through to pump prices.