Tesla could be hurt by crashing oil prices

Over a week ago, before COVID-19 was classified as a pandemic, Russia and Saudi Arabia entered into a price war, forcing crude oil prices to plummet.

With the coronavirus pandemic limiting both business, leisure, and regular travel, globally crude oil is in for a world of hurt.

But with crashing oil prices will come even less demand for electric cars.

And that is not a good sign for Tesla (NASDAQ: TSLA).

As the stock market crash began in February, Tesla appeared to move with the market, with losses hovering right around the S&P average.

But as the market has started to shed growth stocks at a higher rate than the rest of the market, Tesla has been hit hard.

And with no sign of a price hike for crude oil and a potentially contracting economy forcing consumers into cheaper alternatives, Tesla could be in for a world of hurt.

Click here for more on why Tesla plummeted on Monday.

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Just $25 could get you in alongside these billionaires. 

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53-cent Biotech Stock with $2 Price Target

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