This time it’s different…
The oil industry has it’s highs and lows. It’s a cyclical industry. Usually when the oil market is down, so is the overall economy. That’s true right now.
Although all of that is true, there’s other layers that effect this industry right now. Currently, there’s a price war between Saudi Arabia and Russia. This alone sent the price of oil falling in the United States. Another layer to this is that the coronavirus sent fear throughout the country, specifically investors.
Who wants to invest in oil when the price of getting it out of the ground is greater than the return at the pump? The demand for oil is for sure not meeting the over supply we currently have.
Now, with everyone staying home and quarantined, no one is out driving (except me and some other people…) and for sure not traveling for vacations, etc. What we have in supply isn’t being used up as fast either, making matters worse.
Usually when gas is low, people are like “Yes! Let’s travel. It’ll be cheap!” This time, again, it’s different. There’s no traveling (if there is, it’s pretty minimal) and the price of gas is irrelevant for people.
Under a dollar for a gallon of gas means I can fill up my tank for under $20 no matter what my tank is at. Just months ago, maybe just in March, I filled up for over $20 and I wasn’t even on E yet. I could be on E today and fill up for less.
I’ve heard that production has been dropped and this should be able to save energy industry jobs.
No matter what happens in this industry though, we can lean on the provision and comfort from God. He has been with us through every downturn, every depression, every economic crisis. We know this won’t last forever, like all things of this world. We have a hope in something greater and something eternal. Let’s not stop being faithful and being fruitful. Stay strong. Let’s pray.
This Hope is a strong and trustworthy anchor for our souls. It leads us through the curtain into God’s inner sanctuary.Hebrews 6:19