Another great article, demystifying finance highlighted the 90% correlation since Dec 2015 between oil prices and stock prices, which is historically unusual and confusing.
Common sense shows that for most companies, cheap energy is a boon. However it seems to be a curse.
The short answer from The New Yorker is that
“In fundamental terms, then, the stock market’s oil obsession is hard to justify. The problem is that, once a pattern gets established in the market, it can take on a life of its own.”
“The long-run story is clear: the U.S. is better off with low, rather than high, oil prices.”