Final answer:
The statement 'W stands for winter in terms of oil' is False.
Step-by-step explanation:
The statement 'W stands for winter in terms of oil' is False.
When it comes to oil, the winter season affects the demand and supply of fuel. Cold weather increases the need for heating oil, which causes a rightward shift in the demand curve for oil. This shift leads to an increase in the equilibrium price and quantity of oil. However, it is important to note that 'W' is not used to represent winter in terms of oil.