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

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Seeing as how less of US income is now leaking out of the US to import oil from OPEC countries (increased domestic production post-fracking) and that income is now available for domestic spending, this is another net positive for the US GDP.

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Except that the lower oil prices will affect domestic production more than OPEC production (which has lower F&D and lifting costs as well as state-run oil companies who need production to remain at certain levels for revenue purposes). One of the main reasons why we have become much more energy independent in recent years is that the high oil prices have supported relatively high-cost domestic drilling & completions here in the US. If these low prices are sustained for several years, the net effect will be that the US loses its recent gains in energy independence and imports more foreign (ie lower cost) oil.