The novel coronavirus outbreak is taking a hit on the economy.  

With the epidemic showing no signs of slowing down, the effects continue to stretch beyond human health.  

"As the spread of the coronavirus induces panic on markets, oil prices have been walloped and motorists should avoid filling up as the plummet in oil prices starts showing up at their local gas station in the days ahead," said Patrick DeHaan, head of petroleum analysis for GasBuddy. 

The average gas price in Grande Prairie has dropped down to 97.8 cents per litre, while Western Canadian Select oil is down by over seven percent this week, to $29.36 per barrel.  

"The drop in oil is little comfort to those who've been watching the stock market fall, but gas stations have plenty of room to drop prices, in some cases nearly 5-15 cent per litre drops over the next few weeks could happen. My advice for motorists is delay buying gasoline and expect noticeable drops for the time being as the world obsesses over the spread of COVID-19," added DeHaan. 

China, one of the largest importers of crude oil, has decreased imports significantly since the outbreak, causing the slumping prices. 

Alberta’s chief medical officer of health Dr. Deena Hinshaw told reporters on Monday (Mar.2) that there are still no confirmed or probable COVID-19 cases in the province. 

"With increasing spread around the world, it is even more likely that we will eventually see cases in Alberta," she commented.  

In the newest update, travelers returning to Alberta from Iran are being asked to self-isolate for 14 days.

This comes following last week's ask for travelers from mainland China, Hong Kong, Singapore, South Korea, Japan, Egypt and Italy to monitor their symptoms for two weeks after returning. 

Alberta's Premier Jason Kenney chimed in on COVID-19. 

"It frustrates me that I think we’re doing everything that we reasonably can to get this economy moving again and yet we’re being sideswiped by global events that are beyond our control." 

Experts are claiming over 90,000 cases have been reported worldwide, with 27 of those in Canada. In the U.S., the death toll has now rose to six.