What would be the effect of Arctic National Wildlife Refuge production on the world price of oil given that \(=-0.25, \eta=0.25\) (Baumeister and Peersman, 2013), the pre-Arctic National Wildlife Refuge daily world production of oil is \(Q_{1}=94\) million barrels per day, the pre-Arctic National Wildlife Refuge world price is \(p_{1}=\$ 50\) per barrel, and daily Arctic National Wildlife Refuge production is 0.8 million barrels per day? \({ }^{12}\) We assume that the supply and demand curves are linear and that the introduction of Arctic National Wildlife Refuge oil would cause a parallel shift in the world supply curve to the right by 0.8 million barrels per day.