This may sound surprising, but Saudi Prince Al-Waleed bin Talal has gone on record saying he wants the price of oil to decrease. Why's that you ask? It's all about the long-term game, says the Saudi Royal Family's stock market and real estate magnate. In a recent interview with "CNN's Fareed Zakaria GPS," Al Waleed admits:

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.

Talal goes on to say that he thinks the price of oil should be closer to $70 to $80 a barrel instead of the current $100/barrel rate. With such high oil and gasoline prices, Talal fears that new technologies are being pushed ever harder to squeeze more and more miles out of each gallon of gas. Further, Talal worries that U.S. efforts to increase its Corporate Average Fuel Economy standards to 35.5 mpg by 2016 and anywhere from 47 to 62 mpg by 2025 (along with automakers' burgeoning EV strategies) could eventually lead to reduced or eliminated dependence on Saudi oil.


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  • 91 Comments
      MichaelMM
      • 3 Years Ago
      **** the Saudis. ****'em and their human-rights violating, over religious, over-indulgent, back-stabbing ways. Anything that gets them worried is fine by me. Reading this article makes me want to go out and buy a Volt, or Leaf right freaking now.
        Hazdaz
        • 3 Years Ago
        @MichaelMM
        How are they handling this situation any differently than a drug dealer that has clients hooked on drugs? Or you could say that they are no different than any large corporation that doesn't want its customers to go elsewhere, yet those customers are too stupid, arrogant or lazy to look for alternatives?? Why are you getting mad at THEM for OUR addiction to oil? WE created their massive wealth due to our reluctance to - god forbid - cut back a little. We (the US) use about 1/4 of the world's oil, yet the US only represents 5% of the total world population. The EU is a 1st world group of countries with a standard of living about what the US is and they get by with using about 1/2 the fuel we use. Japan is another 1st world nation with a very high standard of living, and they use about 1/4 of the fuel we do. So this notion that we NEED to waste as much oil as we do to maintain our standard of living is nonsense. These Saudis are filthy rich and we have no one else to blame but ourselves and our lack of fortitude to end our addiction to oil.
          • 3 Years Ago
          @Hazdaz
          [blocked]
          tsifubar
          • 3 Years Ago
          @Hazdaz
          Yes, we use far more oil than we should, but a direct comparison with most of the EU or japan isn't fair to us either. All three are first world countries, absolutely, but neither is nearly the size, geographically that the US is, they've got far more in the way of Mass Transportation infrastructure and live in far more densely populated cities making cars both less feasible as transportation and far less needed.
          • 3 Years Ago
          @Hazdaz
          [blocked]
      DSmithee
      • 3 Years Ago
      Suck it, Sheik! It's about time we did something to curb our need for Saudi oil.
      jbm0866
      • 3 Years Ago
      Who didn't see this coming a long time ago? The fact is that if a truly viable alternative to oil is found (or alt technologies become more affordable to the masses) Saudi Arabia and other countries who have nothing to offer other than black gold will be in a world of hurt. Even though gas becoming cheap again sounds very appealing.....so does having rogue states like SA, Iran and Venezuela being brought to their knees.
        • 3 Years Ago
        @jbm0866
        [blocked]
      jbm0866
      • 3 Years Ago
      The Saudi royal family is no different than sports stars who come out of college (or high school) with nothing and suddenly find themselves raking in millions. They build up a lifestyle that can only be sustained as long as their cashflow doesn't decrease significantly...but what happens when the career is over or the oil runs out/becomes worthless? The Saudi's are in even a worse position because they have been appeasing the population for years by allowing extremists to preach their drivel and paying a yearly stipend to the natives so they don't even have to get a job if they don't want to. If I were the royal family I would skip building a new palace and buying Bugatti Veyrons in every color and put a little of that money into alternative energy research. Someone suggested earlier that SA would be fine without oil money since they are building 20 nuclear reactors....but where is the money going to come from to keep them operating? Better hope that sand becomes a hot comodity in the next 20 years or so..
      Randy
      • 3 Years Ago
      Given the fact that this guy thinks the price of a barrel of oil should be "X-Amount" we should watch and see if it reaches that amount and see if they sustain it. If so, then we will all know that the price of oil, gas and everything related to it has been completely dictated and controlled. Regardless of the price, dependence on unstable sources of fuel which ultimately drive the economy and infrastructure of our country should be avoided and energy independence should be achieved so that the USA can be the country it is without supporting countries and societies which are non democratic. Point blank, if a Country is not a democracy and or you they believe in or enforce equal rights and human rights, the US shouldn't be doing business with them. Additionally, I don't believe a country which puts in place human and equal rights solely for financial gain or economic growth should be a business partner either, there is far to much room for abuse and neglect as seen in history.
        Brian E Parker
        • 3 Years Ago
        @Randy
        Yet so many things on our store shelves are "Made in China" - ever since Bush Sr gave them "Favored Nation" status.
      recharged95
      • 3 Years Ago
      "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." As he then puts down his champagne glass, walks out of his million dollar pool, leaves his 100million house in his Bugatti Veryon to attend dinner and the most expensive restaurant in Riyadh and ponders if oil prices go down 5%. And yes, even considering some of his profits go to running the gov't... Conclusion: FIND ALTERNATIVES NOW.
      AMG THIS
      • 3 Years Ago
      He's worried for good reason, even when they see consumption drop 10-15% (which is going to happen in the next 3-4 years) entire cities over there will begin going bankrupt because the price of oil is going to begin falling into the toilet. The speculators will wander over to the other commodities involved with the newer technology / batteries / infrastructure ETC ETC and oil will be left for plastics, rubber and other things.
      Kai F. Lahmann
      • 3 Years Ago
      Wow, not that much businesses telling so clear that they want to abuse their monopoly.
      Charles
      • 3 Years Ago
      Wow, I cant think of a better way to sell fuel efficient technology to the American people. Thanks Prince Al-Waleed bin Talal!
      • 3 Years Ago
      [blocked]
      Jamis
      • 3 Years Ago
      100 dollar is not going to drive the US to a massive move from fossil fuels. As long as gasoline stays below 4 a gallon the US will keep on burning the fuel like no tomorrow. Above 4 close to 5 dollars will drive the economy to a more efficient use of fossil fuels. People think no longer term than the present price at the pump.
        • 3 Years Ago
        @Jamis
        [blocked]
      guyverfanboy
      • 3 Years Ago
      The less dependence we have on foreign oil, the better! :D
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