What are some independent variables to determine gas prices (dependent variable) in the U.S ?
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I came up with an independent variable on prices of substitutes such as the price of diesel fuel and substitutes of alternatives such as fuel cells in production. I also have 3 dummy variables which are unusual weather, 2 seasons (winter, summer probably), and middle east issue such as if there is a war during that time. I would like some help to see what more independent variables i can work with and can easily obtain the data. Oh yeah and this would probably be on a national bases. Thanks people
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Answer:
The price of crude oil. OPEC production. The number of automobile sales. Interest rates. These are just suggestions. If you are doing an imperical study then it wont hurt to plug these variables in to see if they are worth keeping. You should check the Dept. of Energy website for ideas. Good Luck
k-boi at Yahoo! Answers Visit the source
Other answers
tigr got good suggestion I'd also add temperature and square of it (since oil products are used both for heating and AC) and GDp growth as indicator of activity.
Darth Severus
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