Graph# 5

Data from: EIA

green curve, logistic equation derived from the ETP model

1960
= year zero (0)

The **E****TP** model predicts that the price of crude is determined by the amount of energy that is required to produce it. There should
therefore be a high correlation between cumulative production and price. Graph# 5 shows that this hypothesis is well supported by
the data set provided by the EIA. The years 1980 - 1985 are considered anomalous and are excluded. Justification for this exclusion
is discussed in the report.