Graph# 5
$/barrtel vs Cumulative Production
Data from: EIA
green curve, logistic equation derived from the ETP model
1960 = year zero (0)
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The ETP 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.