Today would once have been the first day off Daylight Savings Time but Congress recently lengthened the period the country spends on DST. Congress reasoned that DST reduces the consumption of oil. But is there any reason to believe that DST really does reduce oil consumption? Or, is that just a myth?
I think that in the summertime, DST does allow more working hours without artificial light, though the real impact of this depends on having a workplace that has available natural light to begin with.
However, whatever the positive effects of DST generally, I think extending it has much less benefit. By the previous Daylight Savings/Standard fall switchover, around here, it's dark late into the morning. For us, extending DST another week just means having the lights on for an hour in the morning instead of an hour in the evening. There's no real difference. There might be some benefit further south, but up here, the extension is useless.
As Luke Wolf pointed out, though, none of this affects oil consumption.
Energy consumption, maybe, but I don't know of any large-scale generators that run on oil or gasoline.