The Regression Analysis

Central Idea: Gas prices are on the rise in the US recently because of three major factors: the price of crude oil, the increase in internal regulations, and the increased demand for the gas.

In 2016, the crude oil price movement prices were unpredictable. The OPEC reference basket dropped 10 percent to $43.22 per pound. The ICE Brent and NYMEX WTI both went down by 8.4 percent with ICE Brent at $47.08 per pound and NYMEX WTI at $45.76 per pound. This showed that there were uncertainties in the petroleum market. The future prices were predicted for 2017 that it would move higher. The World’s economic growth predictions was the same at 2.9% for 2016 but increased to 3.1% for 2017. Because of the 3rd quarter of 2016 in Japan and US, the OCED growth went from 1.6% to 1.7%. The demand for oil growth in 2016 has been increasing slightly to 1.24 mb/d. In 2017, the demand will be predicted with a decrease to 1.15 mb/d. OECD will

The price of gas has gone up for the 30th day in a row, and with it tempers are rising. Increased demand for public transportation is expected to continue into the spring [1]. The impact of high oil

The following article is regarding what is most important to everyone around us regarding the pricing for gasoline at the pumps. This is a topic that concerns most people on this planet, why are the prices for gasoline so high and is it regarding the greed of oil producing companies to continue to keep rising the gasoline prices as high as possible. We will discuss the many reasons why these fluctuating pricing keeps occurring within our world market. We will use the retail gasoline pricing between the

In today’s society, everyone seems to be in a rush. Convenience trumps nearly anything and everything. The closest and the promptest option is the one we often lean toward, regardless of the consequence or cost. One of the biggest convenience items within the 21st Century is gasoline. Regardless of the price, we often purchase this item at the most suitable site and time, especially when we are in desperate need of the item. Gasoline companies are alert that convenience is ideal; therefore, they alter gas prices to obtain the greatest amount of business.

In the recent news headlines, the oil crisis and the plummeting gas prices have caused a concern among many. The topic of the oil industry and gas prices are such a controversial matter that has been debated for years on what should be done. On a positive note if gas prices continue to drop, those that do not work in the oil industry will be pleased with this result. With the gas prices dropping to a significant low in the past couple of years, President Obama feels as though he needs to improve this situation.

In 2012, gas reached more than $3.50 per gallon. Today, gas averages have remained around $2.50. What I found most compelling about the pros is with every penny decline, a billion dollars is returned to customers. It is completely astonishing that one cent can have such an enormous impact. Because of the production of oil in America, low fuel cost have allowed Americans to save money and take much-needed vacations. Whether traveling by vehicle or plane, we are all much happier when we get behind the wheels of our vehicles or on a plan due to low fuel costs. On average, households are saving over $700 per year and even more if there are multiple vehicles. Americans were long overdue

The demand of gasoline has increased steadily over the last twenty years. In 1981 the U.S. averaged 6.5 million barrels of gasoline consumption per day. By comparison, in 2004 the U.S. averaged 9.2 million barrels of gasoline consumption per day. For most of this time period, gas prices stayed relatively the same. This is because the U.S. refineries increased their production to meet the demand and maintain the equilibrium price. Also during this same time period worldwide demand for crude oil increased 27%. Crude oil producers also increased their production to meet the demand keeping prices the same.

Gas prices have been showing an increasing trend for the last few years. This increase has largely affected all the sectors of the economy. The segments of the society which have taken the biggest negative impact of increasing gas prices are the households and businesses (Davidson). This paper focuses on discussing the most significant impacts of gas prices on the economy at the Jersey Shore in the light of recent trends and research studies.

Since the maximum value of the predictor variable (calls) is used to formulate the given regression model is 201.00, which is less than 300, we cannot use the given regression model to accurately estimate the weekly sales for weekly call of 300. So we can’t say anything about the weekly sales when weekly calls are 300.

Drivers realize that the price of gas is tied to the market value of crude oil, and has a direct impact to their daily commutes, errands, and vacations. However the reality is that the price of fuel has implications much grater than most consumers realize. Fuel prices affect nearly everything we purchase. For example, the price of farm commodities and food increase because farmers pay more for the fuel for their farm equipment and trucking firms pay more for fuel to get the commodities to market. These shipping “fuel surcharges” impact all goods

According to Domm (2013), the author of the first article, apart from the unrest in Egypt, several other factors such as a plunge in the inventories of domestic crude oil could drive up demand and in the end trigger an increase in the price of gas. In the opinion of the author, although the problems facing Egypt (and Libya) have affected supply

The trendline, known as the line of best fit or the least squares regression line, shows the linear equation which best explains the sums up the data’s trend. The formula on the right is the formula of the line of best fit.

The US consumed 142 billion gallons of gasoline in 2007 and the tax applied on it is 18. 4 cents on one gallon. All around the US, there are around 162,000 retail gasoline outlets. With the price of crude oil hovering around $100 a barrel, it is no wonder that concern is growing about the gas prices being so high. After all, modern economies are kept moving by this lifeblood. For instance, in the United States alone personal vehicles consume more than 140 billion gallons of diesel fuel and gasoline per year.However, there are several factors that contribute to the gas prices being so high. Given below are a few of them. Increasing Demand for Oil One of the main catalysts for the incessant rise in gas prices has been one of the most

Run the regression Report your answer in the format of equation 5.8 (Chapter 5, p. 152) in the textbook including and the standard error of the regression (SER). Interpret the estimated slope parameter for LOT. In the interpretation, please note that PRICE is measured in thousands of dollars and LOT is measured in acres.