Slumping oil prices have weighed heavily on global financial markets in the past couple of years. With shares of the United States Oil Fund LP (ETF) USO 3.03% already down more than 21 percent in 2016, Morgan Stanley analyst Andrew Sheets recently discussed the impact that oil is having on the global economy.

Early in the oil price decline, Sheets points out that economists believed that the impact would be positive for the economy by lowering fuel and materials costs for companies and increasing consumers’ disposable income. However, the decline has been so severe that the suffering of the Energy Sector has impacted broad economic measures of the health of the overall economy.

While oil can’t simply be ignored, it is…

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