Recently, the plunging raw oil price has given consumers cheaper gas, which also means less expenditure on gas-related goods and more savings in pockets for people in America.  Take me for example; I shall pay $15 less per month now than what I should two months ago for fueling my car.  The gas price at current level in the US, according to TIME this week, will be the equivalent of a $750 tax cut for every American household.  So people in America will be able to spend more out of  the saving  on gas price  down, and  thus to  boost its  domestic economy?  Not that simple.   From the viewpoint of either macroeconomics or microeconomics, there must be some winners and some losers of individuals or nations because of low-priced oil; its knock-on effects will continue to ripple.   

Cheap oil price isn't necessarily making US market happy.  The most significant factor for that, TIME said, is the economic slowdown in China, because "China is now the world's second largest economy and its most voracious energy consumer---and its economic slowdown has dented oil demand.  Given that China has provided the majority of global growth since the 2008 financial crisis, Wall Street is spooked.  The benefit from falling oil prices for U.S. consumers and companies may well be somewhat offet by a slower China, given that so many American businesses depend on sales in the Chinese market."   Well, China is surely the biggest helper in boosting America economy, as well as the one for other countries', and her speed may set the pace for the world; however, I believe she won't slow down her gulping on oil from abroad, come what may.  Sources said at present prices, China could save $100 billion in purchasing cheap oil from abroad in half a year, so why should she stop her buying spree. 

Will plummeting oil price also bring tax-cut effect for Chinese consumers.  Not exactly.(Even Chinese people have more money on hand, they won't necessarily spend them on other commodities)  On the contrary, not long ago she raised the fuel taxes.  China could use the money out of fuel tax raise plus the saving from importing cheaper oil to do many a job that benefit her people: infrastrctures, public welfares, anti-pollution, and so on during the period of economic transition.