Question

The price of oil decreased from $66 per barrel to $60 per barrel. What is the percent of decrease in oil pricing?

a.
11%

b.
10%

c.
9.09%

Answer 1

To calculate the percent of decrease in oil pricing, you can follow these steps:

1. Find the decrease in price:
\[
\text{Decrease} = \text{Initial Price} - \text{Final Price} = 66 - 60 = 6 \text{ dollars}
\]

2. Calculate the percent decrease using the formula:
\[
\text{Percent Decrease} = \left( \frac{\text{Decrease}}{\text{Initial Price}} \right) \times 100
\]
Substituting the values:
\[
\text{Percent Decrease} = \left( \frac{6}{66} \right) \times 100
\]

3. Calculate:
\[
\frac{6}{66} = 0.0909 \text{ (approximately)}
\]
\[
0.0909 \times 100 \approx 9.09\%
\]

Therefore, the percent of decrease in oil pricing is approximately **9.09%**, which corresponds to option **c**.