Saudi prince calls for lower oil prices(so US and Europe don't wean off oil)

[RamboLiberal]

Source: 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.

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.



Read more: http://www.cnn.com/2011/WORLD/meast/05/29/us.saudi.prince.oil/index.html?hpt=T1

[Confusious]

1. drug dealer calls for cheaper crack

news at 11.

[CoffeeCat]

3. That's precisely what I thought...

OMG...we are a bunch of addled, oil-addicted monkeys--and our dealer is done raking us over
the coals. Mr. Dealer now senses that they've extracted enough from us, and they must shift
into "let's reduce the prices for a while, so we get them good and addicted again".

Yep. These criminals jack up the price--because they can--just to steal more of our money. They
lower the price, when they sense that our unhealthy addiction may be threatened, in the slightest.

[msongs]

2. when hitler wrote mein kampf lots of people thought he wouldnt really do those things he said nt

[jwirr]

4. Well if he does not want us to have alternatives then the Saudi's

aught to stop building theirs. We are all going to be out of oil not just them. What they do not understand is that the oil will get used because none of us have the alternative system up and going yet - we will need most of that oil to finish the job.

[JDPriestly]

5. Too late.

In my area of L.A., it seems to me at least, that ridership on the Gold Line has increased phenomenally since the oil prices started going up. Same for the Amtrack around here.

When people have an alternative on which they can ride in a clean car and comfort and read or have a good time with friends, they take it. It is so much easier to travel with a child or baby on a train than it is on any other form of transportation including the car.

[christx30]

13. Austin has a pretty good

mass transit system including a train system to get from one end to another for a decent price. My new job is 45 minutes away from me by car (gas guzzling minivan that barely runs) so I'm going to take the bus to work rather than driving. It'll be nice to actually see Austin and not be stuck just looking at the road in front of me.
The less I spend getting to work makes the job more worthwhile for me. And I'll be able to catch up on my reading.

[LetTimmySmoke]

6. This assumes the Saudis have the ability to lower the price ot $80

We're past peak oil production.

[Pale Blue Dot]

8. Exactly. nt

[GliderGuider]

7. Unfortunately for the prince, the Saudis need $84/bbl to break even

Higher Saudi spending pushes breakeven price of oil up 23%

Riyadh: Saudi Arabia's breakeven price for oil jumped an estimated 23 per cent after the kingdom promised the biggest public-spending increases in three decades, creating a new floor for crude as it trades near a three-year high.

More-generous benefits promised by King Abdullah Bin Abdul Aziz will cost $129 billion (Dh473 billion) over the next several years, according to John Sfakianakis, chief economist at Riyadh-based Banque Saudi Fransi. The outlays will add $15.50 a barrel to the price Opec's largest producer needs to balance its budget, according to the median estimate of analysts surveyed by Bloomberg News.

The kingdom now needs oil to sell for at least $84 a barrel to balance its budget, according to the Bloomberg survey of six analysts. That's up from a median of $68.50 a barrel before the handouts, they estimated.

[LetTimmySmoke]

9. Yep. The Saudi Gov has lost its political wedge from oil.

The economic profits are still there, but their ability to manipulate the oil market is destroyed lest they want to annihilate their own economy.

[GliderGuider]

10. They should be able to raise the price by withholding exports, though.

That should be good for them, and it would sure be good for the planet.

[JoeyT]

12. It would be good for the planet

as long as we define "Good for the planet" as "Starve most of the poor" or "Food riots are awesome".
I see no reason to throw the poor on the altar to be sacrificed for the sins of the rich and middle class.

We can wean ourselves off oil without destroying the people most vulnerable to shifts in food prices, even if that is the easiest way for the rich and middle class.

[GliderGuider]

14. No, the planet - as in all the life that uses it besides us.

It would suck for some people, but we survived without oil - I'm sure we could make do at $20/gallon. Even the poor have more ability to adapt than your average deer, wolverine, river otter, smelt or temperate rain forest. All those suffer because of our intemperate use of fossil fuels.

[wordpix]

18. I get it---the Saudi oil sheiks don't want their people out in the streets, so they'll buy them off

and let America et. al. pay via oil to keep some of the richest, most corrupt people on the planet in power. They're still keeping women from driving cars, remember? And stupid Amerika will go along with it if the price/barrel is dropped.

Yah, the Saudis have us over a barrel, all right. :puke:

[azul]

11. Revive the space shuttle program for Saudi princes?

A bonus to the basic bargain.

[LetTimmySmoke]

15. This calls for a picture

[wordpix]

19. ewwwwwww

[Devil_Fish]

16. too late. I commute on a 50+mpg Motorcycle. My next car will be a fully electric Nissan Leaf

http://www.nissanusa.com/leaf-electric-car

[wordpix]

20. I live near work & try not to drive much

[WatsonT]

17. It'll be fun to watch what happens to Saudi Arabia when they no longer have oil

to prop them up.

Should have maybe invested in something other than mansions.

[wordpix]

21. Without oil, they were desert nomads looking for grass & water for their herds that desertfied the

region. Not very wealthy at all.

[WatsonT]

22. But they can't just smoothly go back to that life

their population has grown, has some education and has largely given up that lifestyle.

When they crash they are going to crash hard.

[dipsydoodle]

25. In some respects

they might have been better off staying so.

[toddwv]

23. Well, since righties are blaming Obama for high gas prices.

I'm going to go ahead and say what a masterful play it was for Obama to maneuver the Saudis into lowering prices.

Well played sir!

[defendandprotect]

24. About 20 years or so ago there was an article in the NY Times, where Saudi

officials were acknowledging Global Warming and were making clear that

"when the time came for them to cut back or to stop producing oil because of

Global Warming that they should be subsidized" -- !!

This was OPEC thinking out loud, if I recall correctly!!


Obviously, other private interests which "own" and profit from our natural resources --

oil -- felt that they didn't want to settle for anything less than full scale production

continuing oil reserach and development -- and that's the way the game has been played

thanks to corruption of government and elected officials here!

[wordpix]

26. Take THIS, Saudi princes: solar EV carports (in cold, grey CT, no less) from GE

http://www.greenjobs.com/pg/news/industrynews/industrynewsarticle.aspx?id=inews10385

GE Employees Join Conn. Governor Dannel Malloy to Unveil One of the Largest Solar-Powered Electric-Vehicle (EV) Carport Projects in North America

Plainville, Connecticut, United States May 26, 2011

GE EV Solar Carport links renewable energy with EVs, local demonstration of global commitment to building EV infrastructure

Luis Ramírez, CEO of GE Energy Industrial Solutions today joins Connecticut Governor Dannel Malloy and GE employees to unveil the GE Electric Vehicle (EV) Solar Carport in Plainville, Conn. The GE EV Solar Carport Project, one of the most expansive undertakings of its type in North America, uses GE’s new smart EV Charging Stations to charge the electric vehicles hitting the streets of America.

“We see anywhere you park your electric vehicle as a great opportunity for charging infrastructure,” says Ramírez. “Now we also lead the future of electrification for electric vehicles with supplied power from the sun. The GE EV Solar Carport provides clean energy alternatives to oil and biofuels, expands our ability to capture the sun’s energy and helps us deliver a viable EV ecosystem. This is a bright day for EV infrastructure development in Connecticut and the nation.”

“This is innovative technology and it’s right in our backyard,” says Governor Malloy. “This exciting project will be a blueprint for people all around the country who are interested in developing this type of green solar charging technology, linking renewable energy with electric vehicles and making our lives cleaner and greener. I’m excited to witness the future of this project, and I’m energized about the innovative projects GE is undertaking in our state.”

The GE EV Solar Carport, a demonstration of the expansive horizon GE envisions for renewable energy within the EV ecosystem, produces the energy equivalent to power 20 homes per year. The average freestanding home uses approximately 7,000 to 10,000 kW hours per year. With greater than a 25-year lifespan, the EV Solar Carport will annually deliver 125 MW hours via 100 kW DC power. According to the Electric Drive Transportation Association, more than half of American drivers today travel less than 30 miles in a typical day and more than 75 percent travel less than 60 miles. EVs with a range of 50-100 miles could easily meet the daily needs of most customers....more

:applause:Looks like GE is getting serious about the weaning :applause: Give credit where it's due