In the early 80s, a sudden influx of oil from around the world led OPEC (the Saudi-dominated oil cartel) to decide to ramp production, resulting in large drops in the price of oil. As a result, Texas experienced an oil bust, and production drastically slowed in the region. Which of the statements regarding proven reserves in Texas is correct? [The question was inspired by Episode 3 of "Boomtown" - a podcast documenting life in the Permian Basin in the US during oil booms and busts, it may interest some students] a. The oil in Texas does not disappear, and since a future technology might be developed to reduce the costs of extraction proven reserves are unaffected by the event. b. The ability to recover oil economically from Texas at the new prices was substantially reduced, therefore proven reserves fell following the event. c. Since oil production slowed in Texas, this delayed the depletion of their reserves so the event must have resulted in higher levels of proven reserves than otherwise would have been expected