Artemis' Weldon: Oil price drop may represent $500 stimulus for every American

Depending on how you look at the US, stockpickers are either spoilt for choice or dealing with overly expensive companies. Cormac Weldon, manager of the Artemis US Equity and US Select funds, looks at the outlook for American markets next year and beyond.

From the tragic folly of the sub-prime crisis, the US was the first into recession. But it was also the first out, and is now leading the developed world in terms of growth. The increased production of oil and gas is not the main cause of this strength - even though indigenous oil and gas is making a huge difference. Petroleum accounted for 77% of US imports in 2012. That figure is falling now and will continue to do so. Meanwhile, lower gasoline costs are beginning to make a material difference. If prices stay this low for a further year, that will be equivalent to an extra $500 i...