Question

If Europe experienced a severely cold winter, what would happen to the following and explain? a)...

If Europe experienced a severely cold winter, what would happen to the following and explain?

a) Would the world demand curve for natural gas: Shift to the right, shift to the left, or stay the same

b) World supply curve for natural gas: Shift to the right, shift to the left, or stay the same

c) U.S. demand curve for natural gasl: Shift to the right, shift to the left, or stay the same

d) U.S. supply curve for natural gas: Shift to the right, shift to the left, or stay the same

e) World natural gas prices: rise, fall, change little

f) U.S. natural gas prices: rise, fall, change little

g) World gas consumption: rise, fall, change little

h) U.S gas consumption; rise, fall, change little

i) U.S. gas imports; rise, fall, change little

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Answer #1

A severely cold winter in Europe will increase Europe's demand for gas (for heating purposes), increasing world demand for gas and raising price of gas.

(a) World demand for gas - Shift to right

(b) World supply of gas - Stay the same

(c) US demand for gas - Stay the same (Since Europe's demand for gas doesn't impact US demand for gas)

(d) US supply curve of gas - Stay the same (Since Europe's demand for gas doesn't impact US supply of gas)

(e) World gas price - Rise

(f) US gas price - Change little

(g) World gas consumption - Rise

(h) US gas consumption - Change little

(i) US gas imports - Change little

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