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As a result of increased tensions in the Middle East, oil production is down by 1.21 million barrels per daya 5 percent reduction in the

As a result of increased tensions in the Middle East, oil production is down by 1.21 million barrels per daya 5 percent reduction in the world's supply of crude oil. Explain the likely impact of this event on the market for gasoline and the market for small cars.

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