The price of oil is beginning to creep up. A barrel of oil is now $87 a barrel, its highest level since October 2008 prompting concerns that triple-digit crude was once again in the offing. The pundits are saying this is because speculators are anticipating increasing demand as the world comes out of the recession. But I suspect there is another dynamic at work: fear that the supply will be disrupted.
A war in the Mideast threatens a disruption in oil supplies which honest analysts would have to conclude is inevitable. Iran is defiant in developing nuclear weapons so that they can execute their mission from Allah to rid the world of Israel. The world community of nations are unable to impose effective sanctions on Iran. And Israel will not allow Iran to develop a nuclear weapon while Iran's proxies in Syria and Lebanon are itching to punish Israel for an attack on Iran's nuclear capacity. It doesn't take a political science scholar to figure out what all this will lead to.
You also have to wonder if the world is really coming out of the recession. The number of US workers claiming jobless benefits for the first time recorded an unexpected rise last week. And the economic melt-down in Greece is about to come to a head. The fundamentals that plunged us into a recession are still at work... there is massive debt everywhere with no real resolve to do anything about it. Thus many financial analysts think that conditions are ripe for a second dip recession. So this means the main reason for the price of oil going up must be jitters about supply disruption.
Jesus told us that an increase incidence of "rumors of wars" is a sign of His coming soon in Matthew 24:6. The price of oil going up in anticipation of a war disrupting supply certainly qualifies as a rumor. The only consolation for me about paying more at the pump is that we are getting closer to the Day when Jesus will come for us. It behooves us to stay ready.