2.12 Table below gives the crude oil prices in U.S.

dollars per barrel for years 1975–2006 (U.S.

Census Bureau, Statistical Abstract of the United States, 2008).

a Display this data using a time series plot.
b Identify any trends in the crude oil prices.
c Identify any peaks or troughs or sudden changes in the crude oil prices. Associate them with then current events that lead to such sudden price changes.

Transcribed Image Text:

Year Price Year Price Year Price 1975 10.38 1976 10.89 1986 1987 17.90 14.55 1997 19.04 1998 12.52 1977 11.96 1988 14.67 1999 17.51 1978 12.46 1989 17.97 2000 28.26 1979 17.72 1990 22.22 2001 22.95 1980 28.07 1991 19.06 2002 24.10 1981 35.24 1992 18.43 2003 28.53 1982 31.87 1993 16.41 2004 36.98 1983 28.99 1994 15.59 2005 50.24 1984 28.63 1995 17.23 2006 60.23 1985 26.75 1996 20.71