All else equal, if oil prices increase, annual oil consumption will ________ and the years it will take to deplete the stock of oil will most likely ________.

Question

Quizplus · Accepted Answer

When oil prices increase, the cost of using oil rises, leading to a decrease in annual oil consumption as consumers and businesses seek cheaper alternatives or reduce usage. Consequently, with lower consumption rates, the existing stock of oil will last longer, thus increasing the years it will take to deplete the stock of oil.

All Else Equal, If Oil Prices Increase, Annual Oil Consumption