Fox Business host suggests people take advantage of low gas prices and “go somewhere”
Many states have declared a coronavirus state of emergency
Published
Citation From the March 9, 2020, edition of Fox News’ America’s Newsroom
CHARLES PAYNE (HOST, Making Money with Charles Payne): It all came, really, a confluence of things. Right, obviously, the spread here, more states of emergency, the anxiety that's gone along with that. The unknowns of this sort of social distancing, just what the impact will be. And in addition to that, you mentioned the oil war, which is really kind of nuts with Saudi Arabia and Russia. All week last week, Saudi Arabia and OPEC was trying to get Russia to cut production, Russia was kind of iffy about it. So Saudi Arabia does a complete about-face, and they hike their production. Remember, oil is a commodity, you know better than anyone else, it's about supply and demand. And there's just so much supply out there, and it's going to be more supply out there. We are awash in crude oil.
The irony of course is, anyone watching this is like, “Well, does that mean my gas prices are going to go down?” The answer is yes. Now, the bigger question now for American economists and this stock market is, are you going to take advantage of it and go somewhere?