An article in the wall street journal notes that although u. s. oil production has increased rapidly in recent years, the increase has still amounted to only 5 percent of world production. still, that increase has been "enough to trigger a price collapse." source: georgi kantchev and bill spindle, "shale-oil producers ready to raise output," wall street journal, may 13, 2015. a small increase in supply can lead to a large decline in equilibrium price when: