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The Oil Freak-Out Is Everywhere
America's got mixed feelings about the drop in oil prices. While low energy prices is good for the consumer, oil is responsible for a lot of jobs and economic activity. Here are some of the worrisome mentions from Wednesday's Fed Beige Book release: Cleveland Our contacts are fairly optimistic and expect moderate to strong growth in 2015, though some expressed concern about weakening foreign economies and a decline in the price of oil. Activity in the Marcellus and Utica shale formations remains at a high level. However, a sustained decline in oil and gas prices may pose some downside risk to drilling and production, ... (full story)
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