Use graphs, formulae and diagrams where they help your explanations (more rigorous and succinct) compared to words alone.

1) Crude Oil Price Fluctuations between 1998-2018

Crude oil is an energy source that is integral to production processes across the economy. However, over the last two decades, crude oil prices have fluctuated quite considerably. Perform an economic analysis of this phenomenon in the market for crude oil. Make sure you include definitions of relevant economic concepts. Explain why prices have fluctuated in the last two decades. Include in your answer the welfare implications of these price changes.