Without doubt, this is the single most popular verse used to dismiss the biblical doctrine of election, bar none. The meaning of the verse is simply assumed, and because of this, no time is taken to study it, which is the very hallmark of tradition. I have to admit that I did this for many years. Those most enslaved to tradition are those who think they do not have any.
First of all then, let us read the verse in its context:
2 Peter 3:1-9––“This is now the second letter that I am writing to you, beloved. In both of them I am stirring up your sincere mind by way of reminder, that you should remember the predictions of the holy prophets and the commandment of the Lord and Savior through your apostles, knowing this first of all, that scoffers will come in the last days with scoffing, following their own sinful desires. They will say, ‘Where is the promise of his coming? For ever since the fathers fell asleep, all things are continuing as they were from the beginning of creation.’ For they deliberately overlook this fact, that the heavens existed long ago, and the earth was formed out of water and through water by the word of God, and that by means of these the world that then existed was deluged with water and perished. But by the same word the heavens and earth that now exist are stored up for fire, being kept until the day of judgment and destruction of the ungodly.
But do not overlook this one fact, beloved, that with the Lord one day is as a thousand years, and a thousand years as one day. The Lord is not slow to fulfill his promise as some count slowness, but is patient toward you, not wishing that any should perish, but that all should reach repentance.”