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American consumers stand to save nearly $400 million each day on gas as energy prices plummet, but the spiraling decline in crude prices could rein in global economic growth, Matt Smith, global commodity analyst at Schneider Electric, said Friday.
"The U.S. is the country that's going to see (the) most benefit, but those countries that aren't—your Russias, your Irans, Venezuela, et cetera—means that the net impact of lower oil prices is potentially actually a negative thing for global economy, and I do believe this year we will see it somewhat kept in check just because of that," he told CNBC's "Squawk Box."
Russia, Iran, and Venezuela are all heavily dependent on export revenues from oil. Saudi Arabia, the world's largest oil producer, has maintained that it will not go along with production cuts, which contributed to a nearly 50 percent drop in oil prices in 2014.
Read More Could 2015 herald a 'new oil order'?
Further, a number of countries including Indonesia and India have lifted fuel subsidies that have been in place for years, Smith said. As a result, consumers in these nations won't feel the impact of lower oil prices.
At the same time, he said, lower prices at the pump won't necessarily lead Americans to drive more, which would result in higher oil demand and help crude rebound.
That said, Smith expects gas prices to bottom out soon, with a gradual increase in the first and second quarters of 2015. Gas prices on a retail basis generally reach their lowest levels in December, he said.