All the post above do a great job of answering the question, but I'll include my own approach in case anyone finds it helpful.
I find these problems hard because of (1) the inequalities and (2) the immediate decision that needs to be made about what numbers to convert. I'll try and illustrate how I triage these questions.
A tank containing water started to leak. Did the tank contain more than 30 gallons of water when it started to leak? (Note: 1 gallon = 128 ounces).
(1) The water leaked from the tank at a constant rate of 6.4 ounces per minute.
(2) The tank became empty less than 12 hours after it started to leak.
Ok, at first glance I have a decision to be made about ounces vs. gallons. Without even doing anything else, I make the call that I'm going to convert 6.4 ounces to gallons because 6.4 oz/min is already a decimal, and making it a smaller decimal doesn't seem appealing. Therefore, convert the question (often an overlooked asset) to a ounces.
30 gallons = 30*(128) ounces = 3840 oz.
So the restated question is: Volume > 3840 oz. ?
At this point I can also see (as other posters have pointed out) that the answer is either C or E as neither statement is going to be sufficient on its own. Knowing that, I reach the second decision point: minutes vs hours?
I either convert the first statement into oz/hr or the second statement into minutes. Quickly eyeball your choices as either 6.4*60 or 12*60. In this case, it actually doesn't matter. Sometimes the numbers are easier going down one road, but here they look equally fine. I guess if pushed, it'd rather take advantage of 6.4*60 eliminating that decimal and take that one.
6.4*60 = 64*6 = 384 oz/hr
The tricky thing with statement 2 is that it's an inequality not a raw number. In order to remind myself of that, I actually include the inequality when I start combining stuff. It looks like this:
(384 oz/hr)*(<12 hrs) > 3840 oz ?
Now we can see the units will cancel we get a leaned down:
(384)*(<12) > 3840 ? --> remove the factor of 10 from the RHS
(384)*(<12) > (384)*(10) ? --> cancel common factors
We are then left with:
(<12) > 10 ?
Now this, although it might have seemed silly before, is very clear. Can the range of numbers less than 12 exceed 10? Yes of course it can (i.e. 11). Can it be less than 10? Yes of course (1, 2, 4, 7 etc).
Therefore, (E).