Changes in United States Crude Oil Prices Over Time: 1972-1996

This research analyzed the price of crude oil in the United States over time. The findings of this analysis are presented as follows: (1) definition of the product; (2) nature of the product; (3) major competitors; (4) other factors relevant to the price of the product; (5) specification of variables for the analysis; (6) results of the statistical analysis; (7) forecasts based on the statistical model; and (8) limitations of the forecast.

The product for which prices are analyzed in this study is crude oil sold in the United States. Crude oil is unrefined petroleum extracted from geological reserves. The period for which prices are analyzed is the 25-year inclusive period 1972-1996.

Crude oil sold in the United States includes crude petroleum extracted in the United States, as well as that imported into the United States. Further, crude oil, whether extracted domestically or in foreign countries, is available in several grades, which are based primarily upon the efforts that will be required to refine the product. The prices of crude oil used in the analysis in this research represents a weighted mean price of all of the crude oil sold in the United States. The weighted mean prices for crude oil used in this research are those compiled, weighted, and reported by the United States Energy Information Administration.

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supplies, as Iraq also was a major crude oil producer. Such supply reductions translate into increases in the price of crude oil. Specification of the Variables for the Analysis One dependent and four independent variables were included in the analysis of crude oil prices in the United States. The specifications of these variables are as follows: 1. Dependent variable [Price]. Crude oil prices in the United States, as stated above, represent a mean price determined and reported by the United States Energy Information Administration. Additionally, this mean price may be stated either in nominal terms (the price paid for the product in current dollars), or in real terms (the price of the product following an adjustment for the effects of price inflation over time. In this research, real prices for crude oil were used. The real prices reported by the United States Energy Information Administration used 1972 as the base year. As used in this research crude oil prices are stated in United States dollars to the nearest cent. 2. Independent variables: a. [Electric]. The proportion of electricity in the United States generated through the burning of petroleum used in this research included data reported by the United Stat
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Some common words found in the essay are:
Limitations Forecast, Price Product, Import Shock, Statistical Model, Information Administration, crude oil, Competitors Major, Product Crude, OIL PRICES, Beta Constant, Statistical Analysis, oil prices, crude oil prices, united energy information, information administration, energy information, united energy, energy information administration, independent variables, price crude, price crude oil, period analysis, prices 25-year, 25-year period, oil prices 25-year,
Approximate Word count = 1848
Approximate Pages = 7 (250 words per page)