Activity, and profits, at U.S. exploration and production companies (E&Ps) is highly correlated with the world price per barrel of crude oil, In 2014, crude oil prices averaged about $100 per barrel, In 2015-2016, the industry experienced a dramatic price decrease, with prices falling to a low of $ 45 per barrel. In 2018, the price of a barrel of crude averaged about $65. One industry measure of profit is profit per barrel of oil equivalent (boe). In 2014, one industry level of profits was about $13 per boe, in 2018 profits averaged $14 per boe. Please explain, using as many economic terms you learned in your study of the firm and in the course to date, how profits can be higher In 2018 than were in 2014