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Lower oil prices failing to bring usual benefits to US economy

JPMorgan Chase estimates price fall may have cut 0.3 of a percentage point off growth rate

Russia's economy contracted the most since 2009 last year as the price of oil, a key export, sank and sanctions over the conflict in Ukraine curbed access to international financing.


IT HAS been a truism of the US economy for decades: When oil prices rise, the economy suffers; when they fall, growth improves. But the drop in oil prices in the last two years has failed to deliver the usual economic benefits.

As oil prices fell to levels not seen since...