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To determine the decline in the price of oil from 1931-1932, we need to compare the average price of oil during these two years. However, since the specific data for each year is not provided, I can provide a general overview of the price decline during that period.
During the Great Depression, which occurred from 1929 to the early 1940s, the price of oil experienced a significant decline. In 1931, the global economy was still struggling, and the demand for oil dropped due to reduced industrial production and trade. Many oil-producing countries also limited their oil production to maintain prices. As a result, the average price of oil declined.
While I cannot provide an exact percentage or numerical value for the decline in the price of oil from 1931-1932, it is worth noting that overall, the Great Depression led to a sharp decline in oil prices due to the economic downturn and reduced demand.
To find out how much the price of oil declined from 1931 to 1932, you can follow these steps:
1. Use a reliable historical source to gather data on the price of oil for the specified time period. Historical newspapers, economic journals, or organizations specializing in energy data could be helpful resources.
2. Look for specific data points representing the price of oil in both 1931 and 1932. This could be either an average price for the year or specific price points at different times throughout the year.
3. Once you have the price data for both years, subtract the 1932 price from the 1931 price to calculate the decline in price.
Keep in mind that the price of oil can fluctuate daily or even hourly, so it's essential to use reliable data sources that provide accurate information for the specified time period in question.