What is the relationship between the price of crude oil and the price you pay at the pump for gasoline? The fie Oil & Gasoline contains the price($) for a barrel of crude oil (Cushing, Oklahoma, spot price) and a gallon of gasoline (U.S. average conventional s pot price) for 236 weeks ending July 5 , 2019.

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 t o 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.

e. Compute the Durbin- Watson statistic .

f. At the 0.05 level of significance, is there evidence of positive autocorrelation among the residuals?

g. Based on the result s of (d) through (f), is there reason to question the validity of the model?

h. What conclusions can you reach concerning the relationship between the price of a barrel of crude oil and the price of a gallon of gasoline?