Wall Street seems to have stablized somewhat. We can probably expect more turmoil, especially when we start to notice the interaction between Wall Street and.... Wall Street seems to have stablized somewhat. We can probably expect more turmoil, especially when we start to notice the interaction between Wall Street and the price of oil.

If you're reassured by the recent reductions in the cost of oil, it might seem at first glance that the world is not, as was previously feared, running out of oil. The average cost of gasoline dropped from 3.151 on October 13 to 2.656 October 27. When the market staged somewhat of a recovery Tuesday, the cost of oil started to go up with it. A quick search brought up the headline "Rally in stock markets also lifting futures of gas, heating oil."

The first question I could ask is "can the stock market recover without the price of oil going up with it?" I'm no expert, but I suspect that the price of oil will continue to go up and down with markets.

It's not likely to be only the stock market that pulls the price of oil up and down, however. It was an oil shock of sorts, combined with the breaking bubble in the housing market, that brought us to where we are now. As the price of oil goes up, it's reasonable to assume that once it returns to unbearable levels, it could again be a drag on the market.

I don't personally think we're in for the great depression some are convinced has arrived, but I do think recovery will be difficult unless it is combined, in the long-term, with a decreased reliance on oil and that means, among other things, a return to domestic-based agricultural and industrial production.