A $150 Billion Income Windfall Has Disappeared Under the Mattress
Where did the oil savings go?
How the Price of Oil Impacts Consumer Spending
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One of the oft-repeated tropes during the bear market in oil last year was that lower fuel costs would serve as a "tax cut for the consumer" that would boost spending elsewhere.
It certainly made sense. Why wouldn't American consumers spend the hard-earned money they saved at the pump on some new clothes, or some new gadgets, or maybe a healthy indulgence like a Bloomin' Onion or two?