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The purpose of this assignment is to identify the factors that led to an increase in oil prices. Please read an article on the topic in The Wall Street Journal or any other scholarly reference and address the following points:
- What are the factors that led to an increase in the current oil price?
- Do these factors cause a shift in demand or supply?
- Would this cause a shortage or a surplus of oil in the market?
- How did the U.S. government intervene to stabilize the market in the short run?