NEW YORK (TheStreet) -- Lower oil prices continues to be the theme on Wall Street as West Texas Intermediate fell 1.84% to $77.30 per barrel on Tuesday. On CNBC's "Fast Money" TV show, Steve Grasso, director of institutional sales at Stuart Frankel, said volatility is likely to remain high in the oil market.
Must Read: 7 Stocks Warren Buffett Is Selling in 2014
"I think you can stay short," Brian Kelly, founder of Brian Kelly Capital, said of the oil market. He is short the Energy Select Sector SPDR ETF (XLE) and the SPDR S&P Oil & Gas Exploration & Production ETF (XOP) .
Consumers won't drive more in the winter months just because gasoline is cheaper, according to Tom Kloza, head of energy analysis at Oil Price Information Service. Oil prices are likely being driven lower by high supply, he said. The main question remains: Will the savings at the pump translate into higher spending elsewhere?
Gas station convenience stores are likely to see an increase in spending now that gasoline prices have fallen so far, said Karen Finerman, president of Metropolitan Capital Advisor. She likes CST Brands (CST) .
Dan Nathan, co-founder and editor of riskreversal.com, reasoned that if crude oil continues its decline, it's likely to weigh on the stock market.
However, not all stocks suffer from lower energy costs. Airline stocks will benefit from lower jet fuel costs, according to Jamie Baker, senior airline equity analyst at JPMorgan. Some additional flight routes may become profitable with the lower costs, and for that reason capacity levels may increase. American Airlines (AAL) does not hedge its fuel costs, so it'll likely benefit the most from the decline in oil prices, he concluded.
Michael Kors (KORS) slid 8.5%, despite beating on top- and bottom-line estimates. However, the company provided lower-than-expected guidance. "This stock is getting into value territory," according to Finerman. The North America segment was slightly weaker than expected, but the selloff is overdone, she said.