Step 1: Recall the test.
A function is strictly decreasing where its first derivative is negative, $f'(x) < 0$.
Step 2: Differentiate.
\[ f(x) = 2x^3 - 15x^2 - 144x - 7 \]
\[ f'(x) = 6x^2 - 30x - 144 \]
Step 3: Simplify.
Take out 6.
\[ f'(x) = 6(x^2 - 5x - 24) \]
Step 4: Factor.
\[ x^2 - 5x - 24 = (x - 8)(x + 3) \]
So $f'(x) = 6(x - 8)(x + 3)$.
Step 5: Find where it is negative.
The product $(x-8)(x+3)$ is negative between its roots $-3$ and $8$.
Step 6: Conclusion.
So $f$ is strictly decreasing on $(-3, 8)$.
\[ \boxed{(-3,\ 8) \text{ (Option 2)}} \]