If someone asked you why oil prices have come down, you’d probably say demand destruction resulting from slumping domestic consumption and an impending global recession. Or maybe the unwinding of long positions on crude resulting from a fundamental change in investor sentiment.
Oh ye of little faith. A prayer group in Washington wants you know that the real reason is the man upstairs.
Last month, we told you about a group that was organising prayer groups accross the country in order to convince God that he needed to step in. Back then, crude was near its peak of $147. Since, crude has fallen all the way back down to $113. Mission accomplished. BBC:
Rocky Twyman, 59, a veteran community campaigner, started Pray At The Pump meetings at petrol stations in April.
Since then, the average price of what the US calls gasoline has fallen from more than $4 a gallon to $3.80.
“We don’t have anybody else to turn to but God,” Mr Twyman told the BBC. “We have to turn these problems over to God and not to man.”
Now, if we can only get the G-man to help on housing prices, or make mortgage-backed assets disappear.
Business Insider Emails & Alerts
Site highlights each day to your inbox.