Gas prices fall below $2 per gallon in Northeast Ohio amid price war, coronavirus fears

Coronavirus

OLD BROOKLYN, Ohio (WJW) — Gas prices fell below $2 per gallon at many gas stations in Northeast Ohio.

A FOX 8 News crew found prices at $1.92 per gallon at the Speedway and Get Go stations at Brookpark Road and Ridge Road in Old Brooklyn early Monday.

Gas Buddy listed a number of stations in Northeast Ohio below $2 per gallon.

While the news is good for your wallet if you need to fill-up, it is a sign of weakening financial markets amid the coronavirus outbreak.

Global Impact

Asian stock markets plunged Monday after oil prices nosedived on worries the global economy, weakened by a virus outbreak, might be awash in too much crude.

Tokyo’s benchmark tumbled 5.5%, while Sydney fell 7.3%. Seoul sank 4% and Hong Kong lost 3.6%. Thailand’s SET plummeted 6.8%. Shares also sank in Middle East trading on Sunday.

The latest jolt came from Saudi Arabia, Russia and other oil producers arguing over how much to cut output to prop up prices.

Investors usually welcome lower energy costs for industries and consumers, but in the current atmosphere of anxiety, they were rattled by the abrupt plunge.

“Now that oil spark that really started the selling this morning, it wouldn’t in normal times be as big a deal but coming in as it does at this stage of the market cycle, it sparked real fear among investors and we are seeing wholesale panic across the market today,” said Michael McCarthy of CMC Markets.

Investors already were on edge about the mounting costs of the coronavirus outbreak that began in China and has disrupted travel and trade. Anxiety rose after Italy announced it was isolating cities and towns with some 16 million people, or more than one quarter of its population.

“Investors should brace for volatility,” James Trafford of Fidelity International said in a report.

A recovery in oil and stock prices “will require some stabilization in the coronavirus data points” or signs of agreement among crude producers, Trafford said.

S&P 500 futures plunged as much as 5% Sunday evening, triggering a limit that prevents futures from trading below that mark. Dow futures fell more than 1,200 points, or about 4.7%. Nasdaq Composite futures were down 4.8%.

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