Fuel costs have risen quickly during recent years as consumption, refining and production costs have risen sharply. Supply and demand conditions in the perfectly competitive domestic crude oil market are: QS = -250 + 7P (Supply) QD = 260 - 7P (Demand) where Q is quantity in millions of barrels per day, and P is price per barrel. Find the market equilibrium price. Note: To be at equilibrium, QS must equal QD
