This is a report from the Council of Economic Advisers at the White House that discusses supply and demand factors that have driven the opioid crisis. Initially driving prescription opioid deaths, prescription opioid prices fell in conjunction with expanded government health care coverage and a rising market share of generic opioids. The second wave of the opioid crisis was largely driven by an expansion in the supply of illicit opioids, reducing their prices, along with medical and public health steps implemented to reduce opioid prescribing, likely leading to an increased demand for illicitly manufactured opioids.