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US Treasury Chief: Cheap Oil Benefits Consumers

Plunging oil prices have roiled world stock markets in the first weeks of 2016, but U.S. Treasury chief Jack Lew says cheap oil is benefiting consumers across the globe. Thursday, Lew told the annual World Economic Forum at the Swiss ski resort in Davos that with crude oil now below $27 a barrel on the world market, consumers "have more money in their pockets," to buy products they need or improve their household finances by paying down debt or saving. He said low prices do...

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