The Tesla stock price opened at $212.38 today (Thursday), which means the stock has fallen 27.1% since the all-time high it hit in September.
At this week's five-year low of $53.60 a barrel, WTI crude oil is now down 47.7% in the last six months. Brent oil trades just above $61 a barrel today. The global benchmark priced over $110 a barrel this summer.
Tesla is one of the most volatile stocks on the market. Any hint of either positive or negative news always moves the stock several percentage points.
But tanking oil prices have had a much bigger impact on TSLA than the typical Model S news story or rumor. In fact, this is the worst three-month stretch for TSLA stock since it hit the market in 2010.
The consensus reasoning for the dip is simple: consumers looking for a new car simply don't need an electric vehicle when crude oil prices are so low.
But according to Money Morning's Defense and Tech Specialist Michael Robinson, TSLA stock should not be dropping this much due to falling oil prices.
"This is a classic overreaction," Robinson said during his regular appearance on FOX Business last week. "Honestly, people don't buy the Tesla Model S because they think oil prices are going to go up. They buy Tesla for a lot of reasons, one of which is it being a great electric vehicle. But Tesla buyers aren't factoring in whether they're going to pay $4.00 or $2.75 for a gallon of gas. That's not what motivates them."
The Tesla Model S has a base retail price of $69,900. Upgraded versions are priced well over $100,000. Realistically, gas prices would only be an issue for consumers looking for more modestly priced electric vehicles, which Tesla doesn't offer yet.
While much of Wall Street is pointing to oil prices as Tesla's main problem, Robinson has found another reason the stock is underperforming lately. And it's much more important than oil prices for investors to understand …