Colonial Pipeline suffered a ransomware cyberattack that disrupted the distribution of refined oil products causing a massive shortage of oil to its East Coast markets. Assume that around the time of the ransomware cyberattack, a rebound of the US economy had caused a significant increase in the desire to use refined oil products, such as gasoline and jet fuel in the East Coast markets.

THERE ARE 3 QUESTIONS TOTAL TO THE STATEMENT BELOWColonial Pipeline is a major oil pipeline system that transports refined oil (gasoline, diesel, and jet fuel) from the US Gulf Coast to states mainly on the East Coast of the country. On May 7, 2021, Colonial Pipeline suffered a ransomware cyberattack that disrupted the distribution of refined oil products causing a massive shortage of oil to its East Coast markets.Assume that around the time of the ransomware cyberattack, a rebound of the US economy had caused a significant increase in the desire to use refined oil products, such as gasoline and jet fuel in the East Coast markets.QUESTION 1In no more than two paragraphs, provide a brief analysis of the impact of these two events on the demand and supply of refined oil products in the East Coast markets of the US. Your analysis should include a graph showing how supply and/or demand changed. All curves and axes should be correctly labeled.QUESTION 2Suppose these two events persisted for several weeks:2A Is the Equilibrium Price of refined oil products likely to remain the same, increase or decrease? Explain.2Bis the Equilibrium Quantity of refined oil products likely to remain the same, increase or decrease?QUESTION 3Describe and analyze one policy option available to the Government if the distribution of refined oil products remains constrained beyond several weeks.