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Saudi Prince Al-Waleed bin Talal  (Source: Forbes)
Saudi Prince Al-Waleed bin Talal wants oil prices in the $70 to $80/barrel range

Gas prices in the United States have been taking a decidedly downward turn in the past month (down 20 cents in three weeks from a national average of $3.97 per gallon to the current $3.78 per gallon). However, gas prices are still much higher than a year ago when the national average was $2.74 per gallon according to GasBuddy.

There are some that are calling for lower oil prices to help ease prices for consumers, and those calls are coming from an unlikely source. Saudi Prince Al-Waleed bin Talal, whose country is one of the founding members of OPEC, wants to see oil prices drop dramatically. In fact, Talal wants to see prices fall down to roughly $70 to $80 per barrel (current prices are hovering around $100 per barrel).

Talal's reasoning for wanting lower prices comes from an increasing interest from countries like the United States and global auto manufacturers to develop vehicles that don't require gasoline or diesel fuel to operate. 

"We don't want the West to go and find alternatives," said Talal in an interview with CNN's Fareed Zakaria. "Because, clearly, the higher the price of oil goes, the more they have incentives to go and find alternatives."

President Obama is pushing for federal agencies to ditch large, fuel hungry vehicles like Suburbans and Tahoes for more fuel-efficient compact and subcompact cars wherever possible. The U.S. government fleet is also taking baby steps with purchases of the all-electric Nissan Leaf and the partial electric vehicles like the Chevrolet Volt.

And for the full-size SUVs that are still needed in the government fleet, the Obama Administration wants increased use of E85 fuel that would further lessen our dependence on foreign oil sources to sustain our transportation needs. 

The overarching goal, however, is for automakers to develop vehicles that can travel much further on a gallon of gasoline, boosting CAFE averages to 35.5 mpg by 2016. This move will come by manufacturers producing more vehicles that achieve 40 mpg or higher, and by stepping up the efforts with electric vehicles like the Ford Focus Electric and the Tesla Model S

So it should come as no surprise that Talal doesn't want to see the U.S. gravy train come to an end.  If everyone is driving around in 50-mpg vehicles, there will be less of a need for foreign oil. If everyone is driving around in electric vehicles, well OPEC is in serious trouble. 

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RE: Oil prices
By Jeffk464 on 5/30/2011 9:55:15 AM , Rating: 4
Yes, they are called Geologists. The nice thing about Saudi oil is that it was easy to find and get to. The tougher finds are deep ocean and under the polar ice cap.

RE: Oil prices
By omnicronx on 5/30/2011 12:28:16 PM , Rating: 2
The nice thing about Saudi oil is that it was easy to find and get to.
Because I'm sure its all cataloged and available for all to see.

Guestimations have been made, but only the Saudi's really know what their actual reserves truly are.

Furthermore the OP is not really making any sense. If you are worried about how much supply you have remaining, why would you sell it for a lower price? One would think you would do the exact opposite, lower your output resulting in raised prices and make as much money as you can for as long as possible with a limited supply.

RE: Oil prices
By Jeffk464 on 5/30/11, Rating: 0
RE: Oil prices
By omnicronx on 5/30/2011 2:44:48 PM , Rating: 2
Once again, I'm sure the Saudi's know exactly how much oil reserves they have left.

We on the other hand, including geologists around the world, do not.

They don't release this data, plain and simple. So what exactly does easy oil have to do with anything?

The OP is claiming the Saudi's have motives that make absolutely no sense, so what exactly are you trying to support here?

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