Table 7.

7
Price at the Wellhead

Y = Number Wildcats Drilled, Thousands

X2 = Per Barrel Price, In Constant $, 1972=100
X3 = Domestic Output, Millions of Barrels Per Day
X4 = GNP, Billions of Constant $, 1972=100
X5 = Trend Variable, 1948=1, 1949=2,...,1978=31

Y X2 X3 X4 X5
8.01 4.89 5.52 487.67 1
9.06 4.83 5.05 490.59 2
10.31 4.68 5.41 533.55 3
11.76 4.42 6.16 576.57 4
12.43 4.36 6.26 598.62 5
13.31 4.55 6.34 621.77 6
13.1 4.66 6.81 613.67 7
14.94 4.54 7.15 654.8 8
16.17 4.44 7.17 668.84 9
14.71 4.75 6.71 681.02 10
13.2 4.56 7.05 679.53 11
13.19 4.29 7.04 720.53 12
11.7 4.19 7.18 736.86 13
10.99 4.17 7.33 755.34 14
10.8 4.11 7.54 799.15 15
10.66 4.04 7.61 830.7 16
10.75 3.96 7.8 874.29 17
9.74 3.85 8.3 925.86 18
10.31 3.75 8.81 980.98 19
8.88 3.69 8.66 1007.72 20
8.88 3.56 8.78 1051.83 21
9.7 3.56 9.18 1078.76 22
7.69 3.48 9.03 1075.31 23
6.92 3.53 9 1107.48 24
7.54 3.39 8.78 1171.1 25
7.47 3.68 8.38 1234.97 26
8.63 5.92 8.01 1217.81 27
9.21 6.03 7.78 1202.36 28
9.23 6.12 7.88 1271.01 29
9.96 6.05 7.88 1332.67 30
10.78 5.89 8.67 1385.1 31