How can USA government policies help control price of oil in USA micro economy?

What policies are used to control price of oil in USA micro economy?

What are the signs of a price bubble in the USA oil micro economy

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Below is the task as received. My intention in splitting the questions in the sections as i have above is to allow me to get a more focused understanding of your response. :

--> Your task is to use your knowledge of microeconomics to establish the facts and analyse the American oil market. Evaluate the economic functioning of the oil market in US, including demand and supply, incentives, elasticity on demand and supply and any signs of price bubble. Explain possible options for policy intervention to correct market failure and make recommendations to policy makers.

1. Analyse demand and supply functions and how they may influence decision making of firms.
2. Analyse the main objectives of macroeconomic policy, the causes and costs of not achieving them, their interdependence, and their effects on asset prices