Charles Schwab’s Liz Ann Sonders offers some simple maths that puts it all into perspective. In three sentences:
Consumer spending represents 68% of the US economy. Oil and gas capex represents about 1% of US GDP and less than 9% of US total capex (which in turn represents about 12% of US GDP). Therefore, the benefit of lower energy prices to the consumer and many businesses greatly outweighs the significant hit to energy companies and/or energy-oriented capex, especially in energy-oriented states.
Read more at A 3-Sentence Explanation Of What Crashing Oil Prices Mean For America | Business Insider.