Plunging oil prices may be rough for energy companies, but they're a tail wind for the U.S. economy, billionaire value investor Mario Gabelli told CNBC on Tuesday.
In a "Squawk Box" interview, Gabelli, founder, chairman, and CEO of Gamco Investors, cited two industries that he's betting on because of lower oil and gasoline prices: They're auto parts and convenience stores.
"The users of energy, the owners of the cars are feeling better, so that they buy parts at AutoZone, O'Reilly's [and] Genuine Parts. Those businesses are doing quite well," Gabelli contended. "They benefit because there are 250 million cars are on the road. There's deferred maintenance."