Here are 3 boxplots of weekly gas prices at a service station in the United States (price in $ per gallon). Compare the distribution of prices over the three years.
◦ Gas prices have been increasing on average over the 3-year period, but the variation in the middle 50% has decreased while variation for the entire distribution has increased. The distribution has been left-skewed, and there were 3 potential outliers in 2005.
◦ Gas prices have been decreasing on average over the 3-year period, but the variation in the middle 50% has been increasing while variation for the entire distribution has decreased. The distribution has been right-skewed, and there were 3 potential outliers in 2005.
◦ Gas prices have been decreasing on average over the 3-year period, and the variation has been decreasing overall. The distribution has been left-skewed, and there were 3 potential outliers in 2005.
◦ Gas prices have been increasing on average over the 3-year period, and the variation overall has been increasing as well. The distribution has been right-skewed, and there were 3 potential outliers in 2005.
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Real Price of Oil, 1861–2010