The fact that more oil exploration and development occurs when the price of oil increased from $30 per barrel to $130 per barrel suggests that over this price range

Question

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The increase in oil exploration and development suggests that as the price of oil increased, more producers were willing and able to supply oil to the market. This indicates that the supply of oil is upward sloping, which means that producers are willing to supply more oil at higher prices. If the supply of oil were fixed, we would not expect to see an increase in production as prices rise. If the supply were perfectly elastic, any increase in the price would lead to an infinite increase in supply, which is not observed in the real world.

The Fact That More Oil Exploration and Development Occurs When