Question: When the price of crude oil increases do oil companies

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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