Gas 2020

In: Business and Management

Submitted By phlang7213
Words 1466
Pages 6
GAS IN 2020
Phillip Lang
BUS 308
Nicholas Bergan
02/13/12

Part 1: Data Analysis
The data that will be analyzed in this report is the consumer price index for fuel prices from the year 1982 to 2011. In this report we will be analyzing trend of gasoline prices and were they will take us in the future. Also this report will be help companies dealing with the oil industry and the expected price increases from a statistical perspective.
Scatterplot:
This chart shows us over time (x-axis) and the average price of fuel (y-axis) per year and explains the rate at which fuel prices are increasing. Without outside variables we can easily see the correlation of fuel prices now and what they will be in the future.

The graph shows there is a positive correlation between price and time. The regression line and the positive slope explains that positive correlation.
The slope:
The slope as indicated by that diagram is .065, the value represents that the fuel price will increase over time, if the all assosiated variables are constant, by .065 units. So all of this information explains the increase in fuel prices as time elaspses.
The y intercept:
The y intercept from the results is -127.643.
Regression model: y = 0.065x - 127.643
Estimating Fuel prices for 2020:
When estimating fuel for 2020 within the model we are using we simply have x equal the year to come to the conclusion of where fuel prices will be. If the fuel price rises on average .065 units per year then in 2020 the outcome is easy to calculate.
When the year is 2020, x = 2020. fx=0.065x-127.643 f(2020)=0.0652020-127.643
=131.3-127.643
=3.657
From the results, the estimated price in the year 2020 will be $3.657
I thinkthis estimation is a bit low unless fuel prices level like they did for 1982 to 2001 lets hope so.
Confidience:
Below you can see the confidence level is below 5% for…...

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