http://www.shanghaidaily.com/nsp/Business/2013/01/17/Oil%2Bjumps%2Babove%2BUS94%2Bon%2BUS%2Bsupply%2Breport/

This article is another classic example of shifting in supply and demand. Since not as much oil was imported into the US the supply of oil to sell to consumers, the supply curve shifted left, or upward. The graphs that we have been covering in class show that this shift implys a increase in price and a decrease in quantity sold, which is exactly what happened. This relates back to our basic understanding of how to apply the supply and demand graph to real world situations to get a better understanding of how economics works.