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Cheap oil is bad for the U.S. economy – at least so farIt's been about a year since oil prices started their historic drop, falling from above $100 a barrel to a bottom of about $45 in March.low oil prices are good for growth, right?Cheap oil means cheap gasoline, and the assumption throughout the oil price rout has been that for the U.S. economy, built on consumer spending, cheap gas is all good. That's a pretty hefty bite out of a growth number that probably won't be much higher than 2.5 percent over the first six months of 2015 .The U.S. savings rate remained above 5 percent for the first five months of the year, suggesting that household balance sheets are healthier than they've been in years.In May, consumer spending rose by 0.9 percent, the biggest monthly increase in six years.
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