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

Question

Quizplus · Accepted Answer

If oil prices decrease, it generally becomes cheaper for consumers and businesses to use oil, leading to an increase in annual oil consumption. With higher consumption rates, the stock of oil would deplete faster, decreasing the years it will take to deplete it.

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