The article illustrates a number of economic concepts we have discussed in class. You should write a short narrative essay that analyzes the article using the tools developed in class. Below is a guideline on how the essay should be structured: Format 1. Your paper should be typewritten. If you have graphs, you can either draw them using a computer (Microsoft Word, PowerPoint, Paint, etc.) or scan your hand-drawn graphs and then paste them into the file. 2. The essay should be saved as a PDF or a Microsoft Word document. 3. The recommended length for the essay is 2-3 double-spaced pages. Shorter or longer essays are welcome as long as they develop the content effectively and are sufficient for the analysis. 4. Use 12 point standard font, and 1-inch margins all around. 5. The first page should have your full name, CWID, semester, and class section. 6. You do not need a “reference” page unless you use resources outside this article. The above article should be your primary source, but you may choose to refer to your textbook, lecture notes, or other articles. If so, you need to cite the references following a standard citation format (e.g., APA, MLA, and Chicago). Some sample citations are available on TITANIUM. Content Your essay should address ALL points 1-3 below: 1. In the first paragraph introduce your essay, say what you are going to discuss, and reference the article. 2. In the following separate paragraph(s) summarize the main points of the article. What are the main contributing factors to the high gas prices in California relative to the national average, according to the article? Illustrate why these factors lead to high gas prices using economic concepts and principles learned in class. 3. The article mentioned a proposal of “oil-extraction tax” by Tom Steyer to “put an end to the Big Oil giveaway”. What do you think of this proposal? How would this tax, if implemented, affect the oil companies and consumers? 4. (Optional) Besides the factors mentioned in the article, can you think of other factors that might have led to higher gas price in California than the national average?