During the financial crisis of 2008, the price of a barrel of Brent crude oil fell from a high of  
$
140
  per barrel to around  
$
50
  per barrel. What is the percentage change in the price of oil that occurred during this period? Round your answer to the nearest tenth of a percent.



To find the percentage change in the price of oil during this period, we can use the following formula for percentage change:

\[
\text{Percentage Change} = \left( \frac{\text{New Price} - \text{Original Price}}{\text{Original Price}} \right) \times 100
\]

Here:
- Original Price = $ 140 $ dollars per barrel
- New Price = $ 50 $ dollars per barrel

Substitute the values into the formula:

\[
\text{Percentage Change} = \left( \frac{50 - 140}{140} \right) \times 100
\]

\[
\text{Percentage Change} = \left( \frac{-90}{140} \right) \times 100
\]

\[
\text{Percentage Change} = -0.642857 \times 100
\]

\[
\text{Percentage Change} = -64.3\%
\]

The percentage change in the price of oil is $-64.3\%$. This means the price of oil decreased by 64.3% during the financial crisis.

Would you like more details or have any questions?

Here are 5 related questions:
1. What causes such significant drops in commodity prices during economic crises?
2. How do price changes in oil affect global markets?
3. Can you calculate percentage increases as well as decreases using the same formula?
4. What other economic indicators are influenced by oil prices?
5. What was the impact of the 2008 oil price drop on consumer fuel prices?

**Tip**: When calculating percentage changes, a negative result means a decrease, while a positive result means an increase.

During the financial crisis of 2008, the price of a barrel of Brent crude oil fell from a high of $140 per barrel to around $50 per barrel. What is the percentage change in the price of oil that occurred during this period? Round your answer to the nearest tenth of a percent.

Learn how to calculate the percentage change in the price of Brent crude oil during the 2008 financial crisis, when prices dropped from $140 to $50 per barrel. Follow a step-by-step guide using the percentage change formula to determine a 64.3% decrease. Suitable for students in Grades 6-8.

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