Question

When the price of crude oil increases, do oil companies drill more oil wells? To determine the strength and nature of the relationship, an economist recorded the price of a barrel of domes-tic crude oil (West Texas crude) and the number of exploratory oil wells drilled for each month from 1973 to 2010. Analyze the data and explain what you have discovered.



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  • CreatedFebruary 03, 2015
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