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Lower oil like 'a big tax break': Phil McConkey

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Lower oil prices could be a holiday boost to the economy, Phil McConkey, president of Academy Securities, said Tuesday.

"It's almost like a big tax break for the consumer at just the right time going into this buying season that could help stocks overall," he said.

Crude oil recently hit a three-year low, raising fears of slowing demand from a global economic slowdown, but also resulting in gasoline under $3 per gallon in some parts of the United States.

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