Question

During the financial crisis of 2008, the price of a barrel of Brent crude oil fell a high of $140 per barrel to around $50 per barrel. What is the percent decrease in the price of oil that occurred during this period.

Answer 1

decrease of 64.3%

Explanation:

Percentage change can be calculated from ...

pct change = ((new value)/(original value) -1) × 100%

= (50/140 -1) × 100%

= (-9/14)×100% = -64 2/7% ≈ -64.3%

The price of crude fell about 64.3% in that period.