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A problem on a drilling platform in the Gulf of Mexico has affected the amount of oil that is extracted and refined in the region. Because it is the summer travel season, the demand for gasoline is increasing; however, there is less gasoline available, and the prices for gasoline spike. What economic condition does this situation best describe?

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A problem on a drilling platform in the Gulf of Mexico has affected the amount of oil that is extracted and refined in the region. Because it is the summer travel season, the demand for gasoline is increasing; however, there is less gasoline available, and the prices for gasoline spike. What economic condition does this situation best describe?






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