Coronavirus and its impact on the Texas and U.S. economy

The coronavirus concerns aren't just for our personal health. It could impact our economic health, too.

For instance, oil prices have dropped dramatically for the last few days and reached its lowest point in over a year. David Holt with the Consumer Energy Alliance explains why.

"Exports and imports in and out of China has been significantly curtailed. That's been the biggest immediate impact on the price of oil," Holt said.

And markets have been down because China stopped manufacturing in areas affected by the virus. So, as with oil, why don't we just do more of our own manufacturing? Economist Ray Perryman says it's not feasible.

"If we tried that, frankly we'd probably lower our standard of living, or we'd have to. We'd have to look at things at a lower minimum wage to make that work. That's not where our economy is," Perryman explained.

Some economists say the virus is becoming a bigger threat to our economy. And others say the only ones liking this are the climate activists.


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