I've seen a bit of this kind of discussion over the last few days. It's true that the back of the evelope gets you to a larger number. e.g. quick arithmetic:
Consumption 20.5m bpd -> extra cost $747bn
Production 22.8m bpd -> extra revenue $834bn
Net exports 2.3m bpd -> $83bn of new income from abroad
The drag of course comes from the MPC wedge. Let's say consumers spend their marginal dollar (say 0.8), but oil producers/shareholders mostly don't (say 0.3).
Consumer spending hit: -$598bn
Producer spending boost: +$250bn
Net drag: ~$348bn ≈ 1.2% of GDP
Strongly believe that the model calibration here is off.
With an increase in the oil price of $100 a barrel, the shift in income from US oil consumers to US oil producers is ~ 2.5% of GDP. Drag from reduced consumer spending imho is at 1 pp of GDP
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