Abstract
This paper is directed at examining the impact of changing prices on the level of production of crude oil and natural gas in the United States. By using a cross-correlation test for unidirectional causality it is clearly demonstrated that, for both crude oil and natural gas, domestic production is affected by changing prices. The implications are clear. The decontrol of the price of crude oil and the deregulation of natural gas prices will lead to additional production in the near term.
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