I am not an oil economist nor am I even a decent investor in oil-related equities. As a sometime consumer specialist, however, I have had to observe oil prices and understand their impact on consumer behavior.
Nothing impacts consumer spending faster than change in price at the gas pump.
The law of supply and demand may start to apply to oil. At least in the intermediate term, would be bullish for the U.S. economy -- the consumer sector will be delivered with a tax cut and corporations' profit margins could be buoyed. It could also be seen as a negative for the bond markets as lower commodities revive economic growth.