Oil Quality and Price Quality of oil is measured in API gravity degrees--the higher the degrees API, the higher the quality. The table shown below is produced by an expert in the field who believes that there is a relationship between quality and price per barrel.
A partial Minitab output follows: 
{Oil Quality and Price Narrative} Estimate with 95% confidence the average oil price per barrel for an API degree of 35.
Definitions:
Years
Units of time that represent a period of approximately 365 or 366 days, based on the Earth's orbit of the sun.
Annuity
A financial product that pays out a fixed stream of payments to an individual, typically used as part of retirement planning.
Discount Rate
The interest rate by which future cash flows are devalued to their present worth in a DCF analysis.
Cash Flows
represent the net amount of cash and cash-equivalents being transferred into and out of a business.
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