By the summer of 2014, the price of regular gasoline in the United States was hovering around $3.50 per gallon.

By the summer of 2014, the price of regular gasoline in the United States was hovering around $3.50 per gallon. But innovation in oil extraction technology, such as fracking, reduced the price of crude oil significantly (crude oil the primary input in oil production). Did the supply or demand curve shift in this circumstance? What happened to the equilibrium price of gasoline? For this part of the question, assume no other changes in the market for gasoline.