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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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By YashBudini on 5/30/2011 1:34:05 PM , Rating: 2
quote:
No, we all pay for your idiocy.

This fiasco is going to be small potatoes compared to the Wall St meltdown. There not only did you pay, you're still paying, and they are discovering how to make crime pay indefinitely, so there will be no end in sight, just new meltdowns every decade or so.

If bin Laden had done what Wall St has accomplished WW III against them would have started. All these guys got was a momentary break from their bonuses and handshakes from the president. How could things be more screwed up than that?

Oil prices never affected people anywhere near as much as unemployment. People should have realized they've been sold down the river when the Supreme Court decided corporations are people too. Clueless bastards.

quote:
Your idiotic desire to throw your own money out of the window to inflate your ego by driving a tank effects EVERYONE.

Speaking of clueless you're wasting you time here trying to educate the "freedom invokers" here of interdependence. They fight tooth and nail to remain stagnant and unaware of such concepts.


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