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Oil declines again, pros weigh unexpected risks

On Thursday, again, crude oil tumbled, with the spot price slipping below $75 a barrel; that's a four-year low.

Immediately pros began to weigh concerns involving the ripple across stocks, with the XLE, an ETF made up of Exxon Mobil, Chevron, Schlumberger and other energy stocks closing down more than 2 percent in just one day.

Given the weakness, it would seem reasonable to conclude that lower oil had started to harm investors.

Orion Drilling's Perseus drilling rig near Encinal in Webb County, Texas.
Eddie Seal | Bloomberg | Getty Images
Orion Drilling's Perseus drilling rig near Encinal in Webb County, Texas.

Heather Hughes of SunAmerica Funds, however, doesn't think that's the case. She said on CNBC's "Closing Bell" that despite these negatives; the positives were far more significant and lower oil remains a bullish catalyst for most stocks.

"Every penny lower at the pump translates into a $1 billion increase in consumption," she said. "That's crucial for many, many companies, and their stocks, especially going into the holiday."

Jim Lowell of Advisor Investments agreed. "The consumer is the driver of the economy and lower oil means lower gas prices; that translates into more cash in the wallet."

Read MoreUS crude tumbles, settles at lowest level since Sept. 2010

Also, Lowell added, declines in the price of crude weren't only a boon for consumers. "Broadly, lower oil has a net benefit to most businesses, too," he said. Again a bullish catalyst for stocks.

And Lowell added that investors who view lower oil as a referendum on the global economy may be misreading signs. Due to increased production in North America, "I don't think oil prices are as correlated to the global economy as they once were. Otherwise, given the rate of decline, the world should have already come to a screeching halt."

Meg Green of Meg Green & Associates said much the same.

"Oil's slide is negative for investors who have money in a hedge fund that's overweight energy," she admitted, "but otherwise it's a bullish catalyst. I've been looking for 18,000 on the Dow Jones industrial average for a while, and that hasn't changed."

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