With oil prices falling because of the coronavirus outbreak, here's how it will impact various segments of the American economy:
West Texas Intermediate oil is trading just below $50 midday Monday. This is a very low price for the US benchmark, otherwise known as WTI. The lesson: don’t underestimate the impact of the Coronavirus on the oil market and the greater American economy.The price of WTI last fell below this level for a couple of weeks at the end of 2018 and start of 2019. Other than that moment, the price has not been this low since September of 2017.
Next, we have the oil industry employees and supplemental industries like truck drivers, welders and restaurant workers near oil fields who could all be affected. Airlines need to watch oil volatility, because they have an opportunity to buy jet fuel at low prices if it drops, which allows them to hedge for when higher prices eventually return.
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