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Lower oil like 'a big tax break': Phil McConkey

Pro: Don't fight the tape
Pro: Don't fight the tape

Lower oil prices could be a holiday boost to the economy, Phil McConkey, president of Academy Securities, said Tuesday.

"It's almost like a big tax break for the consumer at just the right time going into this buying season that could help stocks overall," he said.

Crude oil recently hit a three-year low, raising fears of slowing demand from a global economic slowdown, but also resulting in gasoline under $3 per gallon in some parts of the United States.

Read More Crude oil hasn't bottomed yet, traders say

Gas prices at a station in Sarasota, Fla.
Scott Mlyn | CNBC

On CNBC's "Halftime Report," McConkey contended that the climate was positive for stocks.

"I think that we've got some strong economic tail winds," he said. "In the equity environment that we're in now we've got strong earnings. We've got declining energy costs … we've got worldwide central bank intervention. So, why fight the tape in that scenario?"

Read MoreNouriel Roubini, no longer 'Dr. Doom,' weighs in on rates

McConkey, a former U.S. Navy helicopter pilot and professional football player, also said on Veterans Day that lawmakers could do more to honor members of the military.

"I would propose some harmony in Washington," he said. "Let's have the president, Congress come together, agree on something by lowering the tax rate, maybe down to 15 or 20 percent, with the stipulation that the companies be required to reinvest those savings back into their company, specifically for job creation. And a majority of those jobs would be required to go to returning veterans."