Time to say 'thank you, Big Oil’

The plunge in oil prices, which has sent global markets into a tailspin, has put some unexpected extra cash in consumers’ pockets at just the right time.

Or, as Target Chief Financial Officer John Mulligan cautioned in an earnings call last month: “Fuel prices absolutely help (but) there is a lot of cross-current mixed signals for consumers, and we expect them to be very focused on price as they have been, very focused on promotions.”

According to Borenstein, Californians, who consume 55 million gallons of fuel a day, are saving $40 million a day thanks to the price declines.

According to the Silicon Valley Auto Dealers Association, the Toyota Prius remains the best-selling car in Santa Clara County.

“Light truck market share has increased significantly in the national market this year, but not in Santa Clara County,” said the dealers association.

Many analysts believed the floor for U.S. crude oil prices was $60.

Indicating that it could fall even lower, the International Energy Agency said Friday that world energy consumption will increase less than originally forecast in 2015, while supply from non-OPEC countries will increase.

Efficiency gains in light, tight oil production have been constant, and price pressures would only provide more impetus for producers to cut costs further.

The company had already put the brakes on an oil exploration project in the North Sea, called Rosebank; they don’t appear to come off anytime soon, if at all.

While other projects are proceeding, for example, in the Gulf of Mexico, where Chevron began pumping millions of barrels from a major new field this month, the energy giant’s capital plan for 2015, scheduled to be presented this month, has been delayed.