The wave of collapsing oil prices might not have crested yet, but it is already having profound effects on U.S. consumers and businesses. The most immediate result is dramatic cuts in the prices of gasoline, heating oil and diesel fuel. When it comes to oil-based products, ranging from plastics to pesticides, the effect will be more gradual and unpredictable. And the saving in the energy-cost component of virtually every kind of manufactured goods will be even more subtle. Ultimately, though, the U.S. is headed for a sweeping shift in the way Americans spend their money, as dollars saved on energy are...
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