Lets see what the passage actually says:
"First of all, then, I urge that supplications, prayers, intercessions, and thanksgivings be made for all people, for kings and all who are in high positions, that we may lead a peaceful and quiet life, godly and dignified in every way. This is good, and it is pleasing in the sight of God our Savior, who desires all people to be saved and to come to the knowledge of the truth. For there is one God, and there is one mediator between God and men, the man Christ Jesus, who gave himself as a ransom for all, which is the testimony given at the proper time" (1 Timothy 2:1-6)
When Paul says, "for ALL people, for kings and ALL who are in high positions". In this context, "ALL people", like ALL in high positions, our leaders, etc, must refer to the entire human race. The whole human race, is made up of these two groups, so, either you are a Jew, or Gentile. This comprises of the entire world. So, in our present passage in 1 Timothy, says that we must pray for ALL PEOPLE, and then adds extra mention for our leaders. The ALL cannot be taken to refer to the "elect" only, but must include the entire human race, as the context clearly says. Paul says of these ALL, that God "desires ALL people (those mentioned earlier) to be saved", and that Jesus Christ, "gave himself as a ransom for ALL", again, those ALL referred to earlier. I cannot see how any honest person can place any limit here on the desire of God, for the salvation of the entire human race, which Paul says Jesus Christ was "a ransom for"? The word "ransom" is from the Greek, ἀντίλυτρον, which is defined, "what is given in exchange for another as the price of his redemption, ransom" (J Thayer, Greek lexicon). It is only those who will theologically use this verse, will try to force its meaning to suit their thinking, rather than allowing the Bible to speak for Itself.