Answer:
We can conclude that income will fall for both households and firms, because they will now have to spend more on oil-derived products like gasoline or diesel, or even oil itsef if they are a manufacturer.
However, this will raise the income of the firms that sell oil, since the price elasticity of demand of gasoline is relatively inelastic, and a price increase does not result in a immediate similar decrease in demand (in other words, demand falls less than the price rises).
