The answer is; 50%
This was attributed to a global glut due to shallow oil discoveries in Texas and the decline in global oil consumption. It is also important to note that during this time was the Great Global Depression. The prices of oil dropped from $ 1.19 to $ 0.65 (price unadjusted for inflation).
Answer:
50%
Explanation:
Due to shallow oil discoveries in this period in Texas and across the world, there was great depression since the process of oil dropped dramatically.
In 1931, oil prices decreased in some few cents. However, in 1933, the US government started imposing quota production system for duty tax on imported oil to ensure the cheap oil was not flooding the market. However, the Supreme Court did not accept the system and our oil production continues and soon it started regaining its price in the market.
