Register

Peak Oil is You


Donate Bitcoins ;-) or Paypal :-)


Page added on May 29, 2011

Bookmark and Share

Alwaleed: Saudi Arabia Ideal Oil Price $70-$80

Business

Prince Alwaleed bin Talal said an oil price of $70 to $80 a barrel is in the best interests of Saudi Arabia because it diminishes the urgency in the U.S. and Europe to develop alternative energy sources.

“We don’t want the West to go and find alternatives,” Alwaleed, a nephew of Saudi King Abdullah, said in an interview on CNN’s “Fareed Zakaria GPS,” scheduled for broadcast tomorrow. “The higher the price of oil goes, the more they have incentives to go and find alternatives.”

The rebellion in Libya, political turmoil in Bahrain and speculative buying are responsible for driving oil prices to more than $100 a barrel, Alwaleed said. Crude for July delivery rose 36 cents to settle at $100.59 a barrel on the New York Mercantile Exchange yesterday. Prices have increased 35 percent in the past year.

Alwaleed, who owns Citigroup Inc. (C) shares and ranks 26th on Forbes magazine’s list of the world’s richest billionaires with a net worth of $19.6 billion, said he continues to invest in the U.S. and that the nation is “down, for sure, but it is not out.” Standard & Poor’s lowered its U.S. credit-rating outlook on April 18 to negative, citing the widening budget deficit.

Saudi Arabia needs to enact laws that allow for greater public participation in government, Alwaleed said. U.S. President Barack Obama’s administration is seeking to encourage pro-democracy movements inspired by those that ousted longtime leaders in Tunisia and Egypt as part of the so-called Arab Spring to create broader, regional changes.

Bloomberg



2 Comments on "Alwaleed: Saudi Arabia Ideal Oil Price $70-$80"

  1. DC on Sun, 29th May 2011 2:30 pm 

    Prince Alwaleed bin Talal said an oil price of $70 to $80 a barrel is in the best interests of Saudi Arabia because it diminishes the urgency in the U.S. and Europe to develop alternative energy sources.

    “We don’t want the West to go and find alternatives,” Alwaleed, a nephew of Saudi King Abdullah, said in an interview on CNN’s “Fareed Zakaria GPS,” scheduled for broadcast tomorrow. “The higher the price of oil goes, the more they have incentives to go and find alternatives.”

    Now if only this statement would be re-broadcast on every news channel for the next 3 months, maybe people would finally get it?

  2. Kenz300 on Mon, 30th May 2011 12:19 pm 

    Quote — ““We don’t want the West to go and find alternatives,” Alwaleed, a nephew of Saudi King Abdullah,”
    ———————–

    We need to wake up and begin the transition to alternatives. Natural gas, ethanol, biodiesel, electric, hydrogen, anything and everything we can we should add to the mix. We have put all our eggs in the oil basket for too long and now we are paying for it with high prices and higher prices to come. Bring on the electric, flex-fuel, CNG and hybrid vehicles.

Leave a Reply

Your email address will not be published. Required fields are marked *