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. Explain why prices have fluctuated in the last two decades. Include in your answer the welfare implications of these price changes. An introduction should typically outline the phenomenon you have chosen and highlight its significance. You may present some data to illustrate the phenomenon. Good economic analysis entails identifying

 (1) the various aspects of the exchange process (the market, the agents involved, the equilibrium outcome)