Market for gasoline, As a result of increased tensions in

Market for gasoline

Reference no: EM1371371

As a result of increased tensions in the Middle East, oil production is down by 1.2 million barrels per day-a 5 percent reduction in the world's supply of crude oil. Explain the likely impact of this event on the market for gasoline and the market for small cars.

Reference no: EM1371371

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