All else equal, increases in oil prices tend to increase the quantity of proven oil reserves.

Name: All else equal, increases in oil prices tend to increase the quantity of proven oil reserves.
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Question

Quizplus · Accepted Answer

Higher oil prices make it economically viable to explore and develop more costly oil fields, thus increasing the quantity of proven oil reserves as previously uneconomical deposits become profitable to extract.

All Else Equal, Increases in Oil Prices Tend to Increase