Science project - Research Paper Example

The completely randomised design was used to remove biasness among the different income groups surveyed. From the study it was clear that the 75,000 – 100,000 income groups had the highest level of information on peak oil while least information about the same was found in income groups below 75,000. However, income group over 100,000 had little information about the same but not as little as the income group below 75,000. Generally it was concluded from the results that no relationship existed between the willingness to purchase oil and the level of awareness of peak oil, hence the null hypothesis was adopted.

This study recommends a new line of research open to others interested in the same to find out the relatedness of oil prices to income at household level and its effect on the same. (Mark, 1999) There has been a considerable increase in the price of fuel all over the globe and the United States is no exception. There is therefore, a likeliness of close observation of oil and gasoline prices by the US consumers; this is because they had paid more than what they had anticipated. This research tried to shed light into the factors which were responsible for the price change, its effect on the economy and the alternatives that the consumers preferred most.

This work will also provide an insight into the consumption of gasoline between the years 2006 and 2011. The uses focused majorly on industries, commercial and residential sectors. This will be helpful in describing the pattern of gas consumption in the US. Information was provided by statistical method on the past few decades’ oil production and a comparison was made to the demand over the same period. Survey monkey was used to collect data and analysis was done by Excel program to come up with the comparison between the different parameters of study (amount people are willing to pay, awareness of peak price and best alternatives