What I tried to do above was paint the big picture, in particular from an investor’s viewpoint in a capitalist market.
More specifically on oil and 2008, if you look at 2007/8 and 1970’s you can see how oil price can influence the stock market direction.
I remember the 70’s well, I was starting out learning business, many businesses suffered greatly, the rising oil prices had that knock on effect, it led to a stock market decline in 1974, and little wonder.
It’s actually the case that rising oil prices will instigate a stock market fall, has happened a few times since 1974, and more recently the rising price in 2007 finally led to the 2008 stock fall. If you look closely you can see that oil actually continued up even when the S&P had thrown in the towel.
Oil will then follow the stock market down on the basis that falling demand, reflected in the lower stock market,will cause lower prices.
The reverse is also true, low energy price is good for business, what’s good for business is interpreted as good for the Stock Market.
Energy/commodity price influence is as you say a longer term influence, back in 2007/08 stocks continued to rise even though oil was rising also, it’s when oil reaches extremes that the effect is finally felt.