Step 1: Set up the diameters.
Let the starting diameter of the wire be \( d_0 \). Since drawing cuts the diameter by 50%, the new diameter is \( d_1 = 0.5 d_0 \).
Step 2: Compare the areas using the diameter ratio.
Cross sectional area of a round wire scales with the square of its diameter, so
\[ \frac{A_1}{A_0} = \left(\frac{d_1}{d_0}\right)^2 = (0.5)^2 = 0.25 \]
This means the new area is only a quarter of the original area, even though the diameter only dropped by half.
Step 3: Convert this to percentage reduction.
If the remaining area is 25% of the original, the area that has been removed must be
\[ 100\% - 25\% = 75\% \]
Step 4: Final answer.
\[ \boxed{75\% \text{ reduction in area, option (B)}} \]