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Are Lower Oil Prices Good for the Economy?

In response to a dramatic increase in U.S. oil production over the last several years, the Organization of Petroleum Exporting Countries (OPEC) decided in November 2014 to dump low-cost oil into the global markets in an effort to drive down the price of oil and punish U.S. oil producers.  As a result, crude oil prices have fallen by about 50% over the last year.    
So, are much lower oil prices good news for the U.S. economy? I think most people would rather pay $2 for a gallon of gas than $4. But in order to fill up ...


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