Skip to comments.Saudi prince calls for lower oil prices
Posted on 05/31/2011 5:08:50 AM PDT by NRG1973
Saudi Prince Al-Waleed bin Talal said Sunday that he wants oil prices to drop so that the United States and Europe don't accelerate efforts to wean themselves off his country's supply.
In an interview broadcast Sunday on "CNN's Fareed Zakaria GPS," the grandson of the founding king of modern Saudi Arabia said the oil price should be somewhere between $70 and $80 a barrel, rather than the current level of over $100 a barrel.
"We don't want the West to go and find alternatives, because, clearly, the higher the price of oil goes, the more they have incentives to go and find alternatives," said Talal, who is listed by Forbes as the 26th richest man in the world.
He blamed continuing uncertainty over political stability in the region as well as disruptions in supply tied to unrest in Libya and Bahrain for the current high oil price.
"You're not 100% sure what is going to happen, because you hear once in a while Iran coming and jumping and antagonizing and intimidating the Gulf region," the prince said. "So, there's a worry."
(Excerpt) Read more at edition.cnn.com ...
This is one more example of how the Marxist’s complete ignorence of economics shows through. Poor Onada. He’s trying desperately to get to $5/gal gas, but pesky things called market factors—not to mention reelection—keep getting in the way.
What’s next for our usurping Marxist Onada—an attack on Saudi Arabia?
Saudi Prince Al-Waleed bin Talal said Sunday that he wants oil prices to drop so that the United States and Europe don’t accelerate efforts to wean themselves off his country’s supply.
You see,Sarah Palin was right once again.All we have to do is drill for our own oil and that drops the market price for Oil right down.
I hope we just keep it going.
The prince knows some economics, but perhaps not enough.
Europe and N. America would not wean themselves off oil if it were twice its current price. The prince perhaps takes “alternative energy” too seriously. There is really no viable substitute for petroleum, even at ten times the price.
The only viable energy substitute for fossil fuels is nuclear, and the Dummkopf German policy of phasing out nuclear energy insures that fossil fuel will become even more in demand.
What the prince should worry about is: will the West have anything worth trading for oil? What does America make which Saudis want and need? Like everyone else, they probably buy more stuff from Asia.
History may repeat itself.
Oil went sky high in the 1970s and then crashed in the 1980s as the west found alternate resources and conservation became hip.
I know I am doing my part. New furnace and heat pump. 30+ mpg car. Etc.
It is already happening. Oil use in America is down something like 10% from its peak...
It sounds like the muslims want to make zero look good for the 2012 election.
At least we know this time we will not have Iraq invade a fellow Arab nation due to dissatisfaction over increased production.
Low prices for Obama's re election.
personally i bet this guy is puking blood every time he hears the words ‘fracking’....i am betting he has nightmares about it and so he should...
i say ignore it, they will just turn it down again when it suits them..
Click on the map in post #3.
But that's not what he said.
As domestic natural gas becomes relatively cheaper than oil, more homes switch from oil heat to gas heat. Also, it creates an incentive to have dual-fuel (diesel/liquified-natural-gas) trucks on routes where there is a source of LNG fuel.
Well then ... we need to keep the price of oil high so that those alternatives will be found and developed and then we can get rid of oil as the big problem ...