Due to fracking technology, U.S. oil production had surged from 2010 to 2020. In addition, assume that major oil producer Saudi Arabia has increased its production significantly in order to increase its control of the oil market. Assume that other factors did not change (The EIA article and report above describe some of these factors).

a.Which curve is affected by this event?Supply or Demand curve?Please explainbrieflythe impact of this event by referring to the information fromonlinesources

b.Does this event cause the curve toshift or not?If it shifts, to which direction (right or left)?

c.As a result of the shift, you obtain a new equilibrium point. How did thepriceandquantityof oil change (up or down)?