Final answer:
The major problems with the oil industry in the Former Soviet Union at the time of "The Prize" were inefficiency and environmental damage.
Step-by-step explanation:
Two major problems with the oil industry in the Former Soviet Union at the time of "The Prize" were inefficiency and environmental damage.Inefficiency was a significant problem due to a lack of modern technology and managerial practices. The Soviet oil industry was notorious for its poor production methods and outdated infrastructure, which resulted in low productivity and high costs. This inefficiency ultimately hindered the industry's ability to compete globally and meet domestic demand.Environmental damage was another major issue. The Soviet Union prioritized production over environmental protection, leading to widespread pollution and oil spills. The lack of proper safety management and regulations resulted in significant environmental damage in oil exploration and development areas.