Saudis are watching synthetic fuels and other sources
June 5, 2011 - 10:17 am
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.
As UH notes, this might be seen by some as a signal to short oil futures.