Crude oil prices react to a variety of geopolitical and economic events Crude oil prices and key geopolitical and economic events DOWNLOAD $/b (real 2010 dollars) 150 125 WTI crude oil price 2008, quarter 1 100 $99.41 per barrel MM 75 10 50 12 14 5 9 25 0 1970 1975 1980 1985 1990 1995 2000 2005 2010 2015 2020 - imported refiner acquisition cost of crude oil - WTI crude oil price\fSupply and Demand Schedules Equilibrium prices: https://www.eia.gov/finance/markets/crudeoil/spot_prices.php Equilibrium quantities: https:/ /www.bls.gov/opub/btn/volume-5/using-gasoline-data-to-explain- inelasticity.htm NOTE: On the source documents: price is given by month; quantities are given by guarter. Completing the Supply and Demand Schedules Place the data you looked up for the current quarter in the middle row to demonstrate that you understand the positive or negative relationship of supply and demand with price: o for non-equilibrium price add or subtract $0.10, according to the law of demand, for a quantity below equilibrium. o do the same, as appropriate, for supply o for non-equilibrium price add or subtract 10 gallons, according to the law of demand, for a quantity above equilibrium o do the same, as appropriate, for supply Q1 2008 1/2008 Qtr 1 2008 Price Qd Qs