Problem
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?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.