WTI price vs. Drilling Cost Index

#1
Hi Folks,

I have 2 datasets, each recorded on a monthly basis. The first dataset is the average monthly oil price. The second is a price index for drilling cost. I was to calculate what % change in drilling cost to expect with a 1% change in oil price. The data set spans 8 years and you see a lot of bumps and wiggles. Please help.