What is behind the unbelievable rise in oil prices?

It’s an issue that affects every one of us both directly and indirectly.

If you are like me, you probably have already seen the astronomical surge in oil prices.

One source even mentioned that the price of oil went up by 70% in the last 12 months!

That’s incredible if you ask me.

The problem with oil prices going up is that it is also affecting the prices of other commodities.

oil price gas pump do not fear

Now that we know the problem, you might wonder, why?

Here are a few of the reasons experts say that is pushing the oil price off the roof:

  1. Pandemic – during 2019 to 2021, we have seen how the pandemic put on a break on the world economy. As a result, the demand for oil went down together with its price. Since the economy is recovering, the demand for oil is now increasing and thus, the price also goes up.
  2. Ukraine-Russia conflict – because of sanctions, Russia can’t sell its crude oil as much as it wants to. It’s quite important to remember that Russia is the world’s second-highest exporter of crude oil and with sanctions crippling their oil export, supply went down, and demand even gets higher. For more details, read “Where is Russia Mentioned in the Bible?
  3. Opec – Opec is the largest group of oil-producing countries, supplying about 40% of the world’s crude oil. During the pandemic, Opec countries agreed to slash production to increase prices. Now that demand is increasing, Opec refuses to immediately increase production, but instead, they want to increase it gradually.

How Christians should respond?

I’m not an economic expert, but it is obvious how the price of crude oil is affecting us in so many ways. As Christians, we know how difficult life can be. With the increasing prices of not just cruise oil, but also food and services, it seems we are heading toward difficult times ahead.

How should we, as Christians, respond to economic uncertainties?

First of all, we must not fear.

While yes, the economic downturn along with the soaring prices of commodities is out of our control, we can rejoice in the fact that it is all in God’s hands.

We can still live with hope and confidence that even if life gets hard, Yahweh stays as the same God who loves us and takes care of us.

Second thing we must do is to realize that God is able to work things out for good. Even with the surging prices of oil and food, God can use them to fulfill His purpose and work.

So, no matter what happens, let us always look to God and not to increase prices. We look to Him and trust Him that He will provide us with our daily bread.

Daily Bible Reading

Every day, I aim to send out a short devotional that you can read for around 2-3 minutes. Its main goal is to add daily spiritual inspiration to your life. If in case you have missed them, here are the few devotionals from our Daily Bible Reading that you might have missed:

  1. How does God use ungodly men?
  2. When enough is enough
  3. What does the Bible say about suicide?
  4. What will happen when people abandon God?
  5. This is why you should stop pleasing everyone
  6. Are you a Ruth or an Orpah?
  7. What does the Bible say about infertility?

With that, I hope that I have helped you in your Christian walk.

Enroll in our life-changing course

If you have been inspired by my blogs, please consider enrolling in our best online course, Becoming Christians Academy. In this course, we will discuss what it takes for a Christian to become a highly effective servant of God. Aside from that, you’ll learn how to increase your faith and live a victorious life. Enroll now!

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