Wildcat John owns a few low-quality oil wells in Hawaii. He was heard complaining recently about the low price of crude oil: "With this $70 per barrel price, I can't make any money-it costs me $90 per barrel just to run my oil pumps. Still, I only paid $1 an acre for my land many years ago, so I think I will just stop pumping for a time and wait for prices to get above $90." What do you make of John's production decisions?