The Wall Street Journal reported that the free fall of oil prices will send shockwaves through “everything,” potentially impacting financial institutions, private equity firms and manufacturers.

The Journal noted that oil prices were already declining before the crash due to coronavirus concerns.

Oil producers did not scale back in response to lowered demand and instead created a new record high level of production the week of February 28, according to the report.

The Journal noted that a price war between Saudi Arabia and Russia pushed the markets over the edge.