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Gas Prices: Data Analysis Using Descriptive Statistics - Research Paper Example

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This research study will try to compare the differences in gasoline process according to these regions.This study will be done through an application of descriptive statistics to price data for the different regions. This is done by correlating the price data, refinery locations, and the availability of oil supply in each region to define the variables affecting gasoline prices…
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Gas Prices: Data Analysis Using Descriptive Statistics
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Download file to see previous pages Factors Affecting the Difference in Prices According to Region
According to the U.S Energy Information Administration (2011), the differences in gasoline prices in the different regions identified vary because of a myriad of reasons. The first reason identified is the distance of the region from the refinery or delivery point of gasoline. The main sources of supply for gasoline are ports, refineries, pipelines, and blending terminals, all of which contribute to the relative differences in process witnessed in the regions. According to the association, about 62% of the crude oil processed in the country is got from outside the country, and the main points of arrival are port areas. This factor contributes to the low prices witnessed in coastal regions.
The second factor identified in the price distribution is supply chain logistics, a factor that means that any interruption in the supply of gasoline pushes up the cost of fuel. Supply interruptions can include changes in refinery schedules or the factors that influence the delivery of fuel to the desired locations. Retail competition among suppliers and pump operation costs also influence the cost of gasoline in the different regions because of the differences in the factors. For example, pump-operating costs are different in the five regions; therefore, it is expected that the prices would be different. Some regions in the country have different environmental programs that influence the cost of gasoline in the country. This factor means that some regions require the addition of special elements in the gasoline to reduce environmental emissions. An example of this is the use of special gasoline that reduces instances of carbon monoxide emissions, smog, and toxic elements. This additional refinery increases the cost of production associated with gasoline, and, therefore, increases the cost of fuel. From the table and distributions shown below, the prices of California are separated from the rest of the distribution. This is because the prices in California are exceptionally higher that the other regions because of the lack of supply sources of the special blend of gasoline required in the State. The five regions identified by the U.S. Department of Energy are the East Coast, Midwest, Gulf Coast, Rocky Mountains, and West coast regions, all of which encompass a specific number of states in the region. Data from the U.S. DOE indicates that historical gasoline prices for the last three weeks can be presented according to the following table. Gas Prices According to Region (U.S Energy Information Administration, 2011) Date Region 9/5/2011 9/12/2011 9/19/2011 East Coast 3.639 3.632 3.586 Mid West 3.711 3.683 3.575 Gulf Coast 3.494 3.472 3.412 Rocky Mountains 3.575 3.597 3.601 West Coast 3.864 3.868 3.856 West Coast without California 3.724 3.737 3.741 Descriptive Statistics The data presented in the above table can be analyzed using different methods of descriptive statistics to determine the factors that influence the change in prices. For the purposes of this study, the measures of central ...Download file to see next pagesRead More
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