In a Market Economy, If the Supply of Oil Declines

In a market economy, if the supply of oil declines relative to demand,

A) it will only be a matter of time until we run out of oil.
B) the price of gas will rise, and therefore price controls should be imposed in order to assure efficient allocation of petroleum resources.
C) oil prices will fall, reducing the incentive to find new oil reserves and alternative technologies.
D) oil prices will rise, increasing the incentive to conserve, discover new oil reserves, and develop alternative technologies.