Well, pardon me, should have said ONE of the major reasons.
But realize, even the fortunate folks with jobs (not affected by regulations and unemployment) have been just paying bills, getting a little food and gas...and that’s it. Talking about the mainstream population here. No extra money to spend at all. Just getting by. That’s millions of people not being able to stimulate the economy.
High cost of food and gas has had a devastating impact on their lives. Lower prices will definitely help the U.S. economy.
Cheap gas is real nice--if you have an income--a cheap commute only works if you have a job.
Now, let' look at some real numbers.
If you are driving 15,000 miles a year, in a vehicle that gets 25 MPG, your annual savings will be 15000/25 times the number of dollars per gallon you 'save'. If you are getting your fuel at two dollars cheaper, that's 1200 dollars a year, 100 dollars a month, or (roughly) 25 bucks a week. That will put a few burgers on the grille over the weekend, but not a heck of a lot more.
Now, I have lived so lean that would seem like a fortune, but that isn't going to buy any new cars. In fact, if the EPA (Obama and the ecowhackos) get their way, you'll need it to pay the light bill.
Ultimately, I'm not too worried about the oil patch. It has survived ups and downs before, as have all the folks who work there. some fat will be trimmed, incredibly efficient drilling and completion techniques will be made even more so, and life will go on.
What does concern me, is that these savings aren't going to open up a few million new jobs, aren't going to put the rest of America back on the track of creating wealth, and are just going to result in a modest binge of minor spending. There is already talk of taxing fuel even more, which will snatch the small savings from the very hands lauding cheaper fuel. Oil dropped and the Feds were first in line to suck the money out of your pocket.
That is the other 'growth' sector in the economy: more government, more regulation, and more ways to hand out Americans' hard earned dollars to people who have no business being here in the first place. Call it "paybacks" for European colonialism, 'reparations', or just screwing the taxpayer, but it is a redistribution of wealth on a scale never before seen, not just stopping with the current taxpayer, but amassing a non-serviceable debt that will be the downfall of our country.