044a843278f62927fc92b509de35433c_12991The world is freaking out over oil. After falling 6% on Monday, U.S. crude slipped another 4% Tuesday to close at $47.92. Brent crude is now down to $51.10. This is the lowest price since early 2009, when oil bottomed at $35 less than nine months after hitting a record high of $147. The Dow Jones Industrial Average fell 331 points Monday and another 130 Tuesday. Many reports have blamed oil for the stock market weakness, but that doesn’t really make much sense. All else equal, low oil prices are a boon to economic growth. And besides, considering how high the Dow has risen, 330 points just ain’t what it used to be — merely a 1.8% move. Back in 2008 the Dow suffered 11 days with losses of 4% or more. Indeed, it’s the pain being borne by energy investors that is dragging down the market. Energy makes up about 10% of the large-cap universe. On Monday the average energy company was off 4%. Weaker, debt-saddled companies fared far worse. Swift Energy was down 18%, SandRidge Energy fell nearly 13% and Halcon Resources lost 10%. More