Oil Quality and Price

question 148

Essay

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:

Elated

Characterized by a high level of happiness and exhilaration, often for a specific reason.

Triumph

The state of being victorious or successful, often after a struggle or competition.

Mood

A temporary state of mind or feeling that influences an individual's emotional state and perceptions.

Emotion

A complex psychological state involving feelings, physiological changes, and an external expression, often triggered by a thought or experience.