Who loses with cheap oil?

• Position: Off The News - U.S. gasoline prices - Brief article

1. The Russian ruble, which dropped nearly 50 percent in value against the U.S. dollar.

2. The U.S. junk bond market.

3. Emerging market stocks, down roughly 8 percent since the price of oil began its decline.

4. U.S. small-cap stocks, which have barely budged in value with the drop in U.S. gasoline prices.

--Wall Street Journal

One hundred Russian rubles, now worth about $1.50. The ruble's value against the dollar has...