What is the relationship between the price of crude oil and the price you pay at the pump for gasoline? The file oil and gas

Name: What is the relationship between the price of crude oil and the price you pay at the pump for gasoline? The file oil
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Statistics Jul 19, 2022

What is the relationship between the price of crude oil and the price you pay at the pump for gasoline? The file oil and gas.xls contains the price ($) for a barrel of crude oil (Cushing, Oklahoma spot price) and a gallon of gasoline (New York Harbor Conventional spot price) for 104 weeks ending June 25, 2010. (Data extracted from Energy Information Ad- ministration, U.S. Department of Energy, www.eia.doe.gov.)

a. Construct a scatter plot with the price of oil on the horizontal axis and the price of gasoline on the vertical axis.

b. Use the least-squares method to develop a simple linear regression equation to predict the price of a gallon of gasoline using the price of a barrel of crude oil as the independent variable.

c. Interpret the meaning of the slope, b1, in this problem.

d. Plot the residuals versus the time period.

Date	Gasoline	Crude Oil
Jan 01, 2010	2.031	79.07
Jan 08, 2010	2.124	82.34
Jan 15, 2010	2.079	80.06
Jan 22, 2010	2.010	76.62
Jan 29, 2010	1.942	73.94
Feb 05, 2010	1.885	74.57
Feb 12, 2010	1.908	73.88
Feb 19, 2010	2.031	78.25
Feb 26, 2010	2.042	79.22
Mar 05, 2010	2.127	80.19
Mar 12, 2010	2.154	81.76
Mar 19, 2010	2.150	81.44
Mar 26, 2010	2.118	80.65
Apr 02, 2010	2.191	83.01
Apr 09, 2010	2.238	85.66
Apr 16, 2010	2.205	84.34
Apr 23, 2010	2.195	82.90
Apr 30, 2010	2.260	84.22
May 07, 2010	2.155	80.24
May 14, 2010	2.099	74.98
May 21, 2010	1.921	69.14
May 28, 2010	1.900	70.62
Jun 04, 2010	1.945	72.91
Jun 11, 2010	1.969	73.44
Jun 18, 2010	2.080	76.70
Jun 25, 2010	2.054	77.06
Jul 02, 2010	1.969	74.96
Jul 09, 2010	1.970	74.39
Jul 16, 2010	1.988	76.35
Jul 23, 2010	2.025	77.56
Jul 30, 2010	2.024	78.12
Aug 06, 2010	2.098	81.79
Aug 13, 2010	1.949	78.17
Aug 20, 2010	1.882	74.84
Aug 27, 2010	1.859	72.91
Sep 03, 2010	1.919	74.02
Sep 10, 2010	1.968	74.82
Sep 17, 2010	1.978	75.62
Sep 24, 2010	1.951	73.76
Oct 01, 2010	2.034	78.41
Oct 08, 2010	2.193	82.29
Oct 15, 2010	2.202	82.16
Oct 22, 2010	2.146	81.15
Oct 29, 2010	2.122	82.03
Nov 05, 2010	2.174	84.93
Nov 12, 2010	2.242	86.91
Nov 19, 2010	2.287	82.23
Nov 26, 2010	2.258	82.28
Dec 03, 2010	2.359	86.75
Dec 10, 2010	2.349	88.50
Dec 17, 2010	2.329	88.27
Dec 24, 2010	2.452	89.66
Dec 31, 2010	2.430	90.97
Jan 07, 2011	2.442	89.54
Jan 14, 2011	2.474	91.02
Jan 21, 2011	2.464	89.75
Jan 28, 2011	2.411	86.11
Feb 04, 2011	2.466	89.52
Feb 11, 2011	2.471	85.51
Feb 18, 2011	2.511	84.13
Feb 25, 2011	2.731	95.26
Mar 04, 2011	2.864	101.05
Mar 11, 2011	2.832	103.74
Mar 18, 2011	2.734	99.79
Mar 25, 2011	2.846	104.41
Apr 01, 2011	2.972	105.08
Apr 08, 2011	3.117	109.29
Apr 15, 2011	3.133	107.75
Apr 22, 2011	3.192	109.11
Apr 29, 2011	3.290	112.30
May 06, 2011	3.159	105.84
May 13, 2011	3.152	99.87
May 20, 2011	2.865	97.99
May 27, 2011	2.933	99.55
Jun 03, 2011	2.924	100.92
Jun 10, 2011	2.899	100.05
Jun 17, 2011	2.868	95.87
Jun 24, 2011	2.739	92.70
Jul 01, 2011	2.796	93.70
Jul 08, 2011	2.973	97.12
Jul 15, 2011	3.043	96.72
Jul 22, 2011	3.039	98.01
Jul 29, 2011	3.048	97.83
Aug 05, 2011	2.889	90.85
Aug 12, 2011	2.741	82.86
Aug 19, 2011	2.807	85.36
Aug 26, 2011	2.862	85.06
Sep 02, 2011	2.911	88.07
Sep 09, 2011	2.937	87.91
Sep 16, 2011	2.794	88.93
Sep 23, 2011	2.678	83.65
Sep 30, 2011	2.635	81.18
Oct 07, 2011	2.710	79.43
Oct 14, 2011	2.882	85.35
Oct 21, 2011	2.772	86.82
Oct 28, 2011	2.744	92.32
Nov 04, 2011	2.703	93.24
Nov 11, 2011	2.719	96.97
Nov 18, 2011	2.577	99.32
Nov 25, 2011	2.548	96.89
Dec 02, 2011	2.602	99.91
Dec 09, 2011	2.636	100.08
Dec 16, 2011	2.568	96.06
Dec 23, 2011	2.639	97.74
Dec 30, 2011	2.698	99.81
Jan 06, 2012	2.778	102.39
Jan 13, 2012	2.774	100.43
Jan 20, 2012	2.831	99.95
Jan 27, 2012	2.867	99.35
Feb 03, 2012	2.910	97.80
Feb 10, 2012	2.988	98.56
Feb 17, 2012	3.025	101.73
Feb 24, 2012	3.113	107.18
Mar 02, 2012	3.174	107.52
Mar 09, 2012	3.043	106.32
Mar 16, 2012	3.117	106.15
Mar 23, 2012	3.219	106.41
Mar 30, 2012	3.307	105.12
Apr 06, 2012	3.361	103.52
Apr 13, 2012	3.278	102.55
Apr 20, 2012	3.154	103.15
Apr 27, 2012	3.090	103.78
May 04, 2012	2.986	103.47
May 11, 2012	2.933	96.98
May 18, 2012	2.875	93.11
May 25, 2012	2.827	90.88
Jun 01, 2012	2.714	87.06
Jun 08, 2012	2.683	84.43
Jun 15, 2012	2.672	83.27
Jun 22, 2012	2.535	81.11
Jun 29, 2012	2.515	80.23
Jul 06, 2012	2.664	85.74
Jul 13, 2012	2.769	85.78
Jul 20, 2012	2.820	90.34
Jul 27, 2012	2.711	88.88
Aug 03, 2012	2.837	89.10
Aug 10, 2012	2.987	93.14
Aug 17, 2012	3.002	94.43
Aug 24, 2012	3.041	96.22
Aug 31, 2012	3.146	95.68
Sep 07, 2012	3.244	95.68
Sep 14, 2012	3.335	97.56
Sep 21, 2012	3.134	93.70
Sep 28, 2012	3.363	91.35
Oct 05, 2012	3.234	90.81
Oct 12, 2012	3.163	91.42
Oct 19, 2012	2.897	91.59
Oct 26, 2012	2.717	86.35
Nov 02, 2012	2.730	85.87
Nov 09, 2012	2.810	85.98
Nov 16, 2012	2.921	85.87
Nov 23, 2012	2.818	87.40
Nov 30, 2012	2.789	87.27
Dec 07, 2012	2.681	87.00
Dec 14, 2012	2.645	85.71
Dec 21, 2012	2.755	88.24
Dec 28, 2012	2.827	90.14
Jan 04, 2013	2.814	92.77
Jan 11, 2013	2.809	93.38
Jan 18, 2013	2.770	94.58
Jan 25, 2013	2.880	95.41
Feb 01, 2013	3.032	97.33
Feb 08, 2013	3.057	96.18
Feb 15, 2013	3.088	96.95
Feb 22, 2013	3.092	94.38
Mar 01, 2013	2.992	92.19
Mar 08, 2013	2.913	91.00
Mar 15, 2013	2.909	92.70
Mar 22, 2013	2.875	93.05
Mar 29, 2013	2.911	96.08
Apr 05, 2013	2.758	95.07
Apr 12, 2013	2.677	93.36
Apr 19, 2013	2.691	88.00
Apr 26, 2013	2.691	91.00
May 03, 2013	2.699	93.40
May 10, 2013	2.767	95.84
May 17, 2013	2.777	94.65
May 24, 2013	2.747	94.76
May 31, 2013	2.707	93.32
Jun 07, 2013	2.752	94.25
Jun 14, 2013	2.786	96.36

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