The following table shows the U.S. consumption and production of oil per day in barrels × 1 000 from 1994 to 2008:
Year | U.S. Daily Oil Consumption Barrels × 1 000 | U.S. Daily Oil Production Barrels × 1 000 |
1994 | 17 719 | 8 389 |
1995 | 17 725 | 8 322 |
1996 | 18 309 | 8 295 |
1997 | 18 621 | 8 269 |
1998 | 18 917 | 8 011 |
1999 | 19 519 | 7 731 |
2000 | 19 701 | 7 733 |
2001 | 19 649 | 7 669 |
2002 | 19 761 | 7 626 |
2003 | 20 033 | 7 400 |
2004 | 20 517 | 7 241 |
Source: BP Statistical Review of World Energy June 2005.
(a) Plot the data on linear graph paper.
(b) Find the equation that best describes the data for production and consumption.
(c) Use the equation found in part (b) to predict the expected U.S. oil consumption for the year 2015.
(d) Use the equation found in part (b) to predict the expected U.S. oil production for the year 2015.
(e) Estimate the number of dollars per day the United States will spend on imported oil at $80.00/barrel in 2015.
We need at least 10 more requests to produce the solution.
0 / 10 have requested this problem solution
The more requests, the faster the answer.