So, what does this mean for the rest of big oil? Things aren't going to be the same as they were a year ago when oil was at record per-barrel prices. With prices finally coming back down, oil refiners could have a rough couple of quarters. Last year's euphoria over high oil prices and the opportunity provided to big oil companies has waned, and we should see a few quarters of normal results, which will be weak when compared to last year.

Will big oil suffer mightily in the next quarter? Compared to a year ago, yes. Compared to other stocks? Perhaps. Let's not forget that we are heading into hurricane season, which usually brings about a heaping helping of weather-related worries to push the price of crude higher. In addition, the dollar could strengthen against its foreign rivals, providing a bit of a lift for black gold.

Don't count big oil out, just understand that things are going to remain rather volatile for a while. Why? There are still these people called speculators, and their job is to speculate over the price of oil. Now, the economic uncertainty is going to wreak havoc on oil prices -- so expect the lower end of oil's range to see a bit more action than the higher end. Nevertheless, you can never count big oil out. Just be prepared to pay the price for dealing in such a speculative commodity.