(Answered) The oil and gas market have experienced some dramatic

Management Studies

The oil and gas market have experienced some dramatic changes in recent years. Some of the issues and consequencesassociated with high production are discussed in a video of an interview with Lynn Cook from The Wall Street Journal (see:http://www.pbs.org/newshour/bb/u-s-energy-firms-slash-jobs-crude-oil-prices-drop/#)Based on information contained in the video and other information you might find, discuss the likely effects the recent fall in oiland gas prices are likely to have on the gasoline market. Specifically, based on your knowledge of supply and demand models:

(a) Discuss the effects falling oil and gas prices on the gasoline equilibrium quantity and price; and, (b) What price do you expectregular gasoline will be in Pullman WA on October 15, 2015 and on December 15, 2015 and explain why.

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