To be fair, not all of the stock market gloom should be blamed on energy.  Weak demand in Europe, politics in the Middle East and a bull market that is overdue for some corrective angst are all part of the picture.

This article was written by David Blitzer, chairman of the index committee, S&P Dow Jones Indices.

© S&P Dow Jones Indices LLC 2013. Indexology® is a trademark of S&P Dow Jones Indices LLC (SPDJI). S&P® is a trademark of Standard & Poor’s Financial Services LLC and Dow Jones® is a trademark of Dow Jones Trademark Holdings LLC, and those marks have been licensed to SPDJI. This material is reproduced with the prior written consent of SPDJI. For more information on SPDJI, visit http://www.spdji.com