Dropping Oil Prices Good for Energy Producing States

Business Insider says 3 sentences from Charles Schwab’s Liz Ann Sonders sums up the economic benefit of lower oil prices:  

• 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.

[Business Insider]