In the summer of 2008, the price of regular gasoline in U. soared to over $4 per gallon. Then, in the fall of that year, the U.

In the summer of 2008, the price of regular gasoline in U.S. soared to over $4 per gallon. Then, in the fall of that year, the U.S. economy fell into a deep recession that significantly reduced consumers' income. 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.