Cheap oil won't juice the U.S. economy this time: Reuters poll | Reuters

Cheap oil won't juice the U.S. economy this time: Reuters poll | Reuters

U.S. consumers are cautious about spending their windfall from cheap gasoline and are saving more, according to a Reuters/Ipsos poll and official data, suggesting low oil prices are less of a boon for the U.S. economy than in the past.

Commerce Department data shows that the crude's 70 percent drop since mid-2014 cut households' annual spending on gasoline and other energy products by $115 billion, equivalent to roughly 0.5 percent of gross domestic product.

At the same time, however, savings increased by $121 billion and while the data gives no indication where the money has come from, the survey suggests the windfall accounted for a significant part of the sum.

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