Many changes are affecting the market for oil. Predict how each of the following events will affect the equilibrium price and quantity in the market for oil. In each case, state which curve would shift:the supply curve or the demand curve.Then state whether the curve would shift to the right (an increase in supply or demand), or shift to the left (a decrease in supply or demand). Explain, which determinant of demand or supply is affected.

1. Cars are becoming more fuel-efficient, and therefore get more miles to the gallon.
2. The winter is exceptionally cold.
3. The economies of some major oil-using nations, like Japan, slow down.
4. War in the Middle East disrupts oil-pumping schedules.
5. Landlords install additional insulation in buildings.
6. The price of solar energy falls dramatically.
7. Chemical companies invent a new, popular kind of plastic made from oil.
8. Price of oil increases.