Hundreds of Billions of dollars by the oil and gas companies has been pulled out of their spending.
They buy a lot of pipe, valves, operators, pumps, motors, controllers, cable, structural steel, etc.
Those dollars are not going into the economy.
The US is a major oil producers and a major supplier of equipment and services used by the oil industries world wide.
insignificant next to the effect of cheap fuel for trucks, planes, trains and cars.