Consider the following EVIEWS output for monthly data from 1990 to 2008 on US petrol consumption, prices, income etc.

The variables are defined as

LPETCONS_G = Natural Log Petrol Consumption per head (Gallons)

LRPETPRICE = Natural Log Real Average Monthly Petrol Price Per Gallon

LRINCOME = Natural Log Real Monthly US Income per head

D_SPRING - Dummy= 1 when month = March, April, May , (0 otherwise)

D_SUMMER - Dummy= 1 when month = June, July, August, (0 otherwise)

D_AUTUMN - Dummy= 1 when month = September, October, November, (0 otherwise)

1. Carefully interpret and discuss the Eviews regression output and regression model of the petrol consumption?
2. You should also state your opinion as an analyst of the company producing or selling petrol

Dependent Variable: LPETCONS G Method: Least Squares Sample: 1990M01 2008M03 Included observations: 219 Variable Coefficient Std. Error t-Statistic Prob. C 0.763971 0.107577 7.101639 0.0000 LRPETPRICE -0.056387 0.014064 -4.009392 0.0001 LRINCOME HEAD 0.330678 0.014809 22.32886 0.0000 D SPRING 0.047728 0.006678 7.147227 0.0000 D SUMMER 0.082203 0.006733 12.20875 0.0000 D AUTUMN 0.042360 0.006704 6.318440 0.0000 R-squared 0.857335 Mean dependent var 3.350717 Adjusted R-squared 0.853986 S.D. dependent var 0.091435 S.E. of regression 0.034939 Akaike info criterion -3.843406 Sum squared resid 0.260018 Schwarz criterion -3.750555 Log likelihood 426.8530 F-statistic 256.0007 Durbin-Watson stat 1.200700 Prob(F-statistic) 0.000000