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Large portion of refining and pipeline capacity

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Reference no: EM131086797

"Hurricane Katrina damaged a large portion of refining and pipeline capacity when it swept through the Gulf coast states in August 2005. As a result of this, many gasoline distributors were not able to maintain normal deliveries. At the pre-hurricane equilibrium price (i.e., at the initial equilibrium price), we would expect to see

a) the quantity demanded equal to the quantity supplied

b)a shortage of gasoline 

c)a surplus of gasoline

d) an increase in the demand for gasoline

The right answer is B) a shortage of gasoline, but I thought it was A) the quantity demanded equal to the quantity supplied, since it is at initial equilibrium price? Can someone help explain this?

Reference no: EM131086797

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