Prayer #26: For the Global Oil Price Crash Due to a Greatly Decreased Demand Because of the Coronavirus
None of us enjoy paying higher prices for gas at the pump, but, on the other hand, so much of the global economy is tied to oil. So, when the price of crude oil plummets, it has a considerable adverse effect on the economy. As most of us are probably aware, the price of oil has already taken a big dive, with much less driving taking place and greatly-reduced air travel, but today, the oil price futures for May took a drastic plunge, down 305% to $36.73 a barrel, a historic low. This is effectively below a "zero" price since, at this price, oil suppliers would literally pay buyers to take delivery. And it may continue to drop lower if the demand stays very low under continuing Coronavirus restrictions. Some economists believe that some of the oil companies will go bankrupt if this situation continues much longer. Some countries in the world depend heavily on oil for their economy, including many Middle East nations and Russia, the latter for which oil counts for about 60% of its economic income. Accompanying the drop in oil price futures was a drop in the investment markets today, the Dow Industrial dropping by 600 points.
Today, we pray specifically for the oil price crisis that has arisen because of the effects of Coronavirus restrictions and greatly-reduced travel by automobiles and airplanes. Pray for the oil prices to stabilize and then begin to rise. Pray that oil companies, critical to the world economy, would be able to weather the crisis. Pray too for the nations that depend heavily on exporting oil. Pray especially that this drop in oil price futures would not affect the U.S. and world economy any further than it already has.
Ps. 22:28: "For dominion belongs to the Lord, and He rules over the nations."