That certainly is going to fan a little inflation fear here, and going forward it will at least keep people on the watch a little longer on the idea that the Fed is going to keep tightening.
You've got commodity prices and the cyclical stocks getting hit and all of that happens when people start to question whether the interest rates are biting.
On net this is not going to be a big event economically. People initially went to the big impact it was going to have, all predicated on the idea that oil was going to go a lot higher (than it has).