The dropping prices of cotton and oil in Texas at the beginning of the Great Depression can be understood through several factors, but primarily the first and fourth responses you provided are most relevant.
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Farmers and refinery owners received no federal relief funding during the Hoover administration: During the early years of the Great Depression, the economic policies under President Hoover largely failed to provide adequate support for struggling sectors such as agriculture and oil. The lack of federal relief funding meant that farmers and refinery owners could not receive the assistance they needed to cope with falling prices and demand. As a result, they struggled to maintain their businesses, leading to overproduction as they sought to recoup losses. This overproduction further contributed to a decline in prices as the market became oversaturated.
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Farmers and refinery owners often went against government orders to produce high surpluses to make up for profit losses: Many farmers and refinery owners attempted to counteract the economic downturn by increasing their production levels. In an effort to maintain profits, they often produced more than the market could absorb, leading to even lower prices as supply outstripped demand. This behavior was driven by desperation and the need to sustain livelihoods, but it ultimately aggravated the economic crisis within those sectors.
While the other options you presented touch on social dynamics and labor relations, they do not directly address the economic mechanics behind the drop in prices for cotton and oil. The key issues were primarily related to overproduction in response to market pressures and the absence of federal support during this critical period.