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Rising oil prices, once a big negative, may now be 'a wash' for the US economy
In a significant shift in thinking, several economists contacted by CNBC now believe a rise in oil prices may not produce very much, if any, drag on U.S. growth. Some even contend that the nation's new oil-producing prowess make a rise in prices "a wash" for growth. This is a complete about-face for old metrics where it was practically automatic for economists to mark down growth when oil prices rose. But the rise of the United States to become the world's second-largest oil producer has changed the calculus for how rising energy prices affect the economy. Consumer pain at the pump is now seen as an offset to an ... (full story)