BUS 308 Gas 2020

GAS IN 2020

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...