Saudi Prince Says He Doesn't Want the West to Find Oil Alternatives




CNN:
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.

Here's the video:



Guess who came up again? Speculators, obviously.

Jr Deputy Accountant

Some say he’s half man half fish, others say he’s more of a seventy/thirty split. Either way he’s a fishy bastard.

6 comments:

Junior:
Who cares what he says? This looks like takiwa to me. Consider, the higher the price of oil, the more Saudi Arabia makes over the long run.
Would this clown like $25 a barrel oil? That would kill off alternative energy sources. Or $250 a barrel oil which would encourage alternative energy sources? Who knows what motivated this speech? I don't.

Pop

Pete said...

Scary.

Because if oil prices are low, they are still in control...

The whole oil consumption thing is what drives the world, and US politics. That's why the US is so chummy with the Saudi's, and so un-chummy with their enemies.

Anonymous said...

the first rule of peddling dope is: "do not kill your junkies" ... it is very bad for bid'ness...

Anonymous said...

"Because if oil prices are low, they are still in control..."

I would argue well yes AND no...

Oil prices are in dollars. If prices are high but the dollar abroad becomes extremely weak...

... and more and more weak...

It's our currency but it is their problem (?) I guess OPEC could price in gold, or silver, or diamonds, or Beanie Babies, or marble rye bread, or yuan....

Anonymous said...

but wait, if they price in something that we don't have, they lose their biggest customer.... shit, what a connundrum.... we have each other by the short and curlies....

Anonymous said...

US - North Africa relations....

because co-dependence is a beautiful thing....