Oil prices plummeted from over $100 per barrel in mid2014 to under $30 in early 2016. According to a Reuters article, oil traders in 2015 and 2016 put massive amounts of oil in storage (even on...

Oil prices plummeted from over $100 per barrel in mid2014 to under $30 in early 2016. According to a Reuters

article, oil traders in 2015 and 2016 put massive amounts

of oil in storage (even on tankers at sea), anticipating

higher prices in the future. The article noted that in early

2017, “traders are turning the spigots to drain the priciest

storage tanks holding U.S. crude stockpiles as strengthening markets make it unprofitable to store for future

sale.” What effect would the strategy of stockpiling crude

oil have had for the supply of oil in 2015 and 2016? Use a

graph to illustrate your answer.