The steep decline in oil prices in the recent weeks has been delivering substantial benefits to U.S. workers, according to a Jan. 17 New York Times news report.

Despite growing anxieties by Wall Street, last week the federal Energy Information Administration estimated that the typical American household would save $750 because of lower gasoline prices this year, $200 more than government experts predicted a month ago.

“It may not have a huge effect on the top 10 percent of households, but if you’re earning $30,000 or $40,000 a year and drive to work, this is a big deal,” said Guy Berger, United States economist at RBS. “Conceptually, this is the opposite of the stock market boom, which was concentrated at the top.”

The New York Times reported that for the overall economy, the tailwind generated by falling crude prices is expected to be particularly welcome as growth appears to be slackening overseas. Oil finished Jan. 16 at just under $49 a barrel, down from $65 early last month.

Despite the good news for U.S. workers and consumers, states like Texas and North Dakota, which boomed as oil prices mostly stayed above $90 a barrel from 2011 to mid-2014, are now feeling a chill. So are industries that supply pipes and other material to energy drillers and frackers, including steel makers and sand producers.

According to the New York Times, economists say the benefits of lower energy prices will be felt much more broadly than the expected drag on some industries and regions. Household consumer spending contributes roughly 65 percent of gross domestic product, compared with about 1 percent from oil and gas industry investment, said Michael Gapen, chief United States economist at Barclays.

In addition, consumers typically spend the money they save on fuel in sectors that are more “employment-heavy” than the energy industry, like dining, travel and retail.