Many changes are affecting the market for oil. Predict how each of the following events will affect the equilibrium price and quantity in the market for oil. Create a sketch of the diagram using the fourstep method. 5. A major discovery of new oil is made off the coast of Norway. 6. A war in the Middle East disrupts oil-pumping schedules. 7. The price of automobiles falls. 8. Cars are becoming more fuel efficient, and therefore get more miles to the gallon