Current oil prices will save US households $150 billion over the next year if they hold. But these benefits will come slowly. However, the decline in energy stocks which make up 8% of the S&P 500 and 12% of its dividends, 17% of the high-yield bond market and 12% of the investment-grade bond market is being priced in now. That’s why this immense benefit appears detrimental, even though it isn’t.