Four Ways the Oil Price Crash Is Hurting the Global Economy

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"The problem is that commodity-related capex accounts for circa 30 percent of global capex (with oil capex down 13 percent and mining capex down 31 percent in the past 12 months)," wrote the strategists, "and thus the fall in U.S. and global commodity capex and opex has taken at least circa 0.8 percent off U.S. GDP growth in the first half 2015 and circa 1 percent off global GDP growth over the last year."

Garthwaite and his group highlight three other channels through which soft oil prices have adversely affected the American economy: employment, wages, and dividend income.