A vast oil reserve is discovered under Lake Michigan. What happens to the price and quantity of gasoline?

Use the Hill Method format to solve this:

Step#1: Draw a Supply and Demand curve: Label all axis, Label equilibrium Price and Equilibrium Quantity Per Unit Price $10 $9 $8 $7 $6 Quantity Demand: 0 10 20 30 40 50 60 70 80 Step#2: List Determinants: Demand Determinants Supply Determinants Yn (income for a normal good) C (cost) Yi (income for a inferior good) Tech (Technology) Pc (Price of a complementary good) #S (Number of Sellers) Ps (Price of a substitute good) Ra (Resource Availability) #B (Number of Buyers) I (Tastes - Preference) EXPpy (Expectancy of change) Px (Price Special) Px (Price Special) Step#3: Read Problem, and Select Determinant the Changed with an "X" Step #4: Draw Formula to solve Problem: (always the same), then fill in the first three components (blanks). Change in Change in Change in Change in Price Change in Determinant Demand Supply [after line shift] Quantity [Determinant and [relationship and [relationship and [after line shift] change in line shift] lime shift] determinant]Remember, we have 6 possibilities of change Demand Demand Supply Supply Price is held above Price is held Increasea Decreasea Increases Decreasea equilibrium below equilibrium XX Price Price Step#5: Change supply and demand curve accordingly. Then fill in the last two components of formula. Per Unit Price $10 $9 $8 $7 $6 $5 $4 $3 Quantity Demand: 0 10 20 30 40 50 60 70 80 Change in Change in Change in Change in Price Change in Determinant Demand Supply [after line shift] Quantity [Determinant and [relationship and [relationship and [after line shift] change in line shift] line shift] determinant] Step #6: List the Conclusion: (what was the change in price and quantity) Step #7: Justify the determinant that changed: (why did you select your determinant)