KENOSHA — The coronavirus outbreak is creating a growing economic impact. The Dow Jones Industrial Average fell to its lowest level since 2018. On top of that, a growing oil war between Saudi Arabia and Russia means dropping gas prices. A gas station in Kenosha already announced its prices would be lower by Tuesday morning.
At Lou Perrine's Gas and Groceries, there are long lines to fill up. The station is offering gas at $1.99 a gallon for cash.
"It's cheaper than anything I have seen around town," said Dawn Schaab.
But the price is about to get even cheaper according to owner Lou Perrine. Oil crude prices plunged on the world markets as Saudi Arabia and Russia fight over prices. Perrine also gave his customers a heads up on Facebook that Tuesday morning prices will be even lower.
"It's probably going to be $1.70 to $1.75 a gallon," said Perrine.
He said it had been a while since he can even remember the prices that low.
"It's been a long, long time. I bet you it has to be at least eight years, ten years," said Perrine.
The drop is not just happening at the pump. The Dow fell more than 2,000 points more than 8% of its value. Trading was halted for 15 minutes after the S&P 500 plunged, triggering a market circuit breaker just after opening Monday morning.
"A lot of investors are experiencing fear, and that fear is driving people to want to get out of the market," Thomas Neumann, a financial adviser at Drake & Associates.
According to Neumann, the coronavirus outbreak has investors worried the economy would slow down. But he also said this could be an excellent time to buy low in the stock market or lower your mortgage payments.
"If you are on the fence for buying a home or refinancing, we are probably not going to experience rates like this ever again," said Neumann.
"That's excellent for the consumers. I think this is our time now," said Dornesser Young.