The Following Table Gives the US Domestic Oil Production Rates

Essay

The following table gives the US domestic oil production rates (excluding Alaska) from 1987 to 2002. A regression equation was fit to the data and the residual plot is shown below.
$\begin{array}{l}\begin{array}{l|c}\text { Year } & \text { Millions of Barrels per Day } \\\hline 1987 & 6.39 \\1988 & 6.12 \\1989 & 5.74 \\1990 & 5.58 \\1991 & 5.62 \\1992 & 5.46 \\1993 & 5.26 \\1994 & 5.10\end{array}\begin{array}{lll}\quad\quad\end{array}\begin{array}{l|c}\text { Year } & \text { Millions of Barrels per Day } \\\hline 1995 & 5.08 \\1996 & 5.07 \\1997 & 5.16 \\1998 & 5.08 \\1999 & 4.83 \\2000 & 4.85 \\2001 & 4.84 \\2002 & 4.83\end{array}\end{array}$





Does the residual plot suggest that the regression equation is a bad model? Why or why not?