re: Macro Econ: Low gas prices -> higher disposable income -> higher spending / GDP?

Intuitively, that makes sense on the surface. The other side of the coin is that lower oil prices may, as the Fed puts it, establish a new "retrenchment" of employment in the O&G industry, after the positive effects of increased consumer spending have been exhibited. The energy industry has been immensely important for the domestic economy since the financial crisis.