(Love of Money) 1Timothy 6:9,10 But they that will be rich fall into temptation and a snare, and into many foolish and hurtful lusts, which drown men in destruction and perdition. For the love of money is the root of all evil: which while some coveted after, they have erred from the faith, and pierced themselves through with many sorrows.
Crude oil prices bounced slightly back Monday after hitting their lowest price in nearly a decade.
Oil prices have been closely monitored since Dec. 4, when the Order of Petroleum Exporting Countries (OPEC) announced at a meeting it would not place a cap on its oil production. That has allowed the organization’s 12 members to keep flooding an oversaturated global market with more of the commodity, sending the prices tumbling to levels not previously seen in years.
Monday’s developments were the first hint of a rebound since that meeting, Reuters reported.
The price of U.S. crude rose 69 cents and closed at $36.31, an increase of 1.94 percent.
However, the price of Brent crude, which is widely seen as a benchmark for global oil purchase prices, dropped a penny to $37.92. The Wall Street Journal reported it was the seventh straight day Brent crude saw its price decline, the commodity’s longest losing streak since July 2014.
Barrels of both oils were trading below $35 earlier Monday. Before the rebound, Reuters reported the prices were as cheap as they’ve been since the 2008 financial crisis started.
OPEC hasn’t capped its oil production because it wants to retain its share in the global market, Al Jazeera reported. If OPEC limited its output, other countries are in a position to produce oil that the organization otherwise could.
While U.S. drivers are certainly enjoying the cheap oil — AAA reported the national average dropped to $2.014 per gallon, about 55 cents cheaper than this time last year — the low price represents a significant challenge to some countries that depend on oil for their revenue.
CNN reported Monday that Russian finance officials were anticipating oil could drop to $30 a barrel in 2016. The country, which is not an OPEC member, based its budget on an oil price of $50 per barrel and the country’s oil and gas exports represent about 50 percent of its revenue.
AAA said the national average gas price has not fallen below $2.00 a gallon since 2009.
