review the data U.S. Energy Information Administration - EIA - Independent Statistics and Analysis

https://www.eia.gov/opendata/v1/qb.php?category=1039874&sdid=STEO.COPR_SA.M

Draw a graph illustrating a market for gasoline at equilibrium prior to the lockdown. Label your curves as D1 and S1, the equilibrium price as P1, the equilibrium quantity as Q1, and the equilibrium point as E1. We know that due to the lockdown our demand for gasoline decreased. Draw a new demand curve and label it D2. However, that didn't fully explain the price drop in the spring of 2020. What else could had contributed to the price decrease? To answer this question, look at this data and add the new information to your graph.

Answer the next questions:

1. In which direction (right or left) does the demand shift?

2. Is there a change in the quantity supplied or a shift of the supply (right or left)?

3. Are the equilibrium price and quantity higher or lower compared to the original equilibrium?

Something to think about: the price of oil determines the price of gasoline. Saudi Arabia and other 12 countries form an international oil cartel, the Organization of Petroleum Exporting Countries (OPEC). Their join actions to supply more or less oil greatly affect the market and so do unilateral actions by big players like Saudi Arabia. If the current tensions in the Russia-Ukraine border continue, it'll put additional pressure on inflation in the U.S.