The price of oil is no doubt the reason COP has sold off. And while COP will get almost $9 a barrel less in the short term , the lower oil prices will ultimately result with COP selling greater volumes as cheaper oil translates to the gas pump and consumers start buying more gas. Consumers will have more disposable income to spend on discretionary. A cut in oil and gas prices is , in effect ,a tax break for consumers . These price cuts eventually complete a vicious circle for oil , when increased demand for cheap oil starts to put pressure on crude prices once again.
That's an optimistic way to look at it although I don't buy it. So many factors besides oil price goes into the cost of gas. The refiners, distributors, middle men, legislators, etc. will insure that gas doesn't get too cheap.