Debunking the Myth of an Oil-Driven Market Sell-off

Following the recent spike in market volatility, a quick reading of the financial press would have you believe that all the woes in the world are attributed to the plunge in oil prices. This is a curious conclusion. While lower oil prices are a negative for Russia, Venezuela and highly leveraged oil and gas exploration and production companies, the drop in energy prices is a positive for the economy, particularly consumers.