THE QUESTIONS ARE ATTACHED

Consider the following events (i) through (x). Decipher how each event will influence the world demand and supply of oil (shift left, shift right, or no shift) and resulting impact on the price of oil (up or down). Provide a brief (one sentence) reason why - i.e. what determinants of supply or demand are changing to cause the resultant effect? If the answer is not clear, say so. (5 pts each) "(Tip: A demand and supply diagram for the oil market as it is the easiest way to track price changes when the curves shift.) EVENT: DEMAND FOR OIL SUPPLY OF OIL PRICE OF OIL SHIFTS: SHIFTS: MOVES: i. Brazil discovers massive oil reserves off its coast Reasoning: ii. New electric-powered cars are a hit with US consumers Reasoning: iii. Global recession reduces consumer incomes worldwide Reasoning: iv. Coal miners go on strike in Europe, many coal mines shut down Reasoning: v. More efficient oil drilling equipment is introduced Reasoning:vi. Libya builds solar panels throughout the Libyan desert and vii. Under pressure from unions, US oil companies agree to give oil Won the Gulf Coast large wage increases viii. Nuclear reactors are built in Kazakhstan to meet the energy needs of several Central Asian countries Reasoning: ix. War breaks out in the Persian Gulf, between Bahrain and Qatar. Reasoning: x. An unexpectedly nasty hurricane season in the Caribbean immobilizes natural gas platforms (but not oil