Chapter 4, Problem 13P

To determine

(a)

To determine the impact on the market of oil if OPEC becomes more effective in limiting the supply of the oil

To determine

(b)

To determine the impact on oil market if OPEC becomes less effective in limiting the supply of the oil

To determine

(c)

To determine the impact on market of oil if the price for natural gas (substitutes of heating oil) rises.

To determine

(d)

To determine the impact on oil market if there is a new discovery of oil in Alaska

To determine

(e)

To determine the impact on oil market if the electric and hybrid cars become subsidized and their prices falls