US Oil production 1965-2014

1.In IvyLearn, you will find an Excel spreadsheet of the US oil production data. Use the data to perform the following tasks:

a.Create a scatter plot of the data.

b.Include a title for the scatter plot and labels for both the horizontal and vertical axes.

c.Add the trend line and R² to the graph.

d.Create a two-paragraph report with your graph (showing the trend line and R²) addressing the following items:

i.Does the R² indicate correlation between your variables?

ii.Interpret the slope in a complete sentence.

iii.Use the trend line equation to estimate the oil production for 2014, and compare this estimate to the actual production.

iv.Use the trend line to estimate the oil production from your birth year.Compare that estimate to the actual 2014 value.How much has oil production changed since your birth year?Find the relative change in oil production since your birth year and interpret the meaning of this value.

v.Should we use the trend line model to estimate the oil production value for 2020? Why or why not?

Oil Production in the United States, 1965-2014 Year Production Million Barrels Per Day 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 9.0 9.6 10.2 10.6 10.8 11.3 11.2 11.2 10.9 10.5 10.0 9.7 9.9 10.3 10.1 10.2 10.2 10.2 10.2 10.5 10.6 10.2 9.9 9.8 9.2 8.9 9.1 8.9 8.6 8.4 8.3 8.3 8.3 8.0 7.7 7.7 7.7 7.6 7.4 7.2 6.9 6.8 6.9 6.8 Chart T Column B L 11.3 11.2 11.2 10.9 10.8 10.6 10.6 10.5 10.5 10.3 10.2 10.2 10.2 10.2 10.2 10.1 10.0 f(x) + 10.2 142.138610 9.9 9.9 9.8 9.7 9.6= - 0.0668306513x 9.2 9 9.0 R = 0.4944706143 8.9 1960 1970 1980 1990 2009 2010 2011 2012 2013 2014 7.3 7.6 7.9 8.9 10.0 11.6 Source: Compiled by Earth Policy Institute from BP, Statistical Review of World Energy June 2014 (London: 2014) with 2014 data from "Petroleum Overview" Table 3.1 in U.S. Department of Energy, Energy Information Administration, "Monthly Energy Review," at www.eia.gov/totalenergy/data/monthly, updated 26 March 2015. Oil Production in the United States, 1965-2014 14 12 10 Earth Policy Institute - www.earth-policy.org Million Barrels Per Day 8 6 4 2 0 1965 1970 1975 1980 1985 1990 1995 Source: BP, EIA 2000 2005 2010 2015