Kerby Anderson

Let me start with a simple question: What is the price of a barrel of oil today? I recorded this commentary a week ago, so the price has probably changed. Over the weekend it was $140 a barrel. That is twice was it was before the Iran War. One insider tracked the price as high as $173 a barrel.

The bigger issue isn’t just the price but availability. As I am recording this, energy markets in Europe and Asia have been affected. One headline reads, “The Strait of Hormuz Crisis Is Driving a Wave of Global Energy Rationing.” Some airlines have had to cut back or cancel flights because they can’t get fuel. The head of the International Energy Agency said the energy crisis may be bigger than the oil shocks of the 1970s.

The price of oil and the lack of oil affects everything. Think of products made from oil. Obviously, that would include gasoline, diesel, jet fuel, kerosene, etc. But petrochemicals are used to produce plastics, rubber, textiles, detergents, clothing, health products, fertilizers, and pesticides. That’s why another headline reads, “The Global Oil Crisis is Turning into an Everything Crisis.”

As I record this, there are a few of these headlines, but not too many. There is still hope the Iran War will end soon. But even if it does, there will still be an oil shock. One economist warns that the world economy cannot survive a 7% to 11% loss of oil supply.

I bring this up because a lack of supplies and problems with supply chains will affect you and your family. You may not be hearing too much about this because we all tend to take so much for granted until something goes wrong. A wise and discerning Christian will pay attention and should plan accordingly.