Over the weekend, officials in China reported that the death toll from the Wuhan Coronavirus has surpassed that of the severe acute respiratory syndrome, or SARS, outbreak of 2003. As of Sunday 361 people have died in China because of Coronavirus.
The virus has had a huge effect on the Chinese economy, which has also rippled through global markets.
Matt Smith, director of commodity research at ClipperData, says Americans will likely feel the effects, too, since China consumes a lot of what we export, including oil.
“They’re the second-largest consumer of oil; they’re the leading country in terms of oil-demand growth,” Smith says. “The impact of this virus is gonna be felt in a number of ways.”
What you’ll hear in this segment:
– How the virus has led to the temporary closures of Chinese businesses
– How decreased travel from China is affecting global energy markets
– Why this could negatively affect an already slowing oil and gas sector in Texas
– Why ripple effects could lead to a continued drop in gasoline prices for consumers
Written by Caroline Covington.
