To ensure that they were not stuck with extra oil, many East Texas Oil Field producers A. lowered their prices. B. raised their prices. C. decreased oil production. D. increased oil production.

I believe the answer is C. Decreased oil production

If the East texas oil producers continue their production as usual, it would create a lot of abundant goods in the market.

Holding up production would give the market to use up all the leftover products until the level of rarity increase and the price bounced back to the equilibirum.