Source Link: https://www.ctvnews.ca/health/coronavirus/gas-prices-in-freefall-due-to-coronavirus-epidemic-1.4843975
Market: Petroleum Gas
Due to the recent coronavirus outbreak. There have been travel restrictions and quarantines imposed on citizens all around the world. One example of this is the travel restriction being imposed in Hubei, China, which is affecting as many as 50 million people by preventing them from traveling. Thus, lower the number of people who need to go to gas stations to refuel their cars.
As a result, due to the demand determinate of number of buyers decreasing, the demand curve has now shifted to the left, which has decreased the equilibrium price of gas.
Caution: Economics Students at Work 