It probably has some mild effect on the economy, and therefore defecit reduction. The only effective way to reduce the defiect is to cut both taxes and spending. The real difference between the Dems and the GOP is the Dems tax and spend and the GOP borrows and spends.
But because I think we are overtaxed, the refund is good fiscal policy.
The more interesting discussion is, "Who is big oil"? I'll give you a hint, the largest shareholder is Fidelity Investments. Another large shareholder is union pension funds.