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Colonial Pipeline is a major oil pipeline system that transports refined oil (gasoline, diesel and jet fuel) from the US Gulf Coast to states mainly on the East Coast of the country. On May 7, 2021, Colonial Pipeline suffered a ransomware cyberattack that disrupted the distribution of refined oil products causing a massive shortage of oil to its East Coast markets. Assume that around the time of the ransomware cyberattack, a rebound of the US economy had caused a significant increase in the desire to use refined oil products, such as gasoline and jet fuel in the East Coast markets. Organ Get th Free Outloo Crea
Suppose these two events persisted for several weeks, is the Equilibrium Price of refined oil products likely to remain the same, increase or decrease? Explain. Edit View Insert Format Tools Table 12pt Paragraph ⠀ Organ Get th Free Outlo Cre