backtop


Print 59 comment(s) - last by sorry dog.. on Jun 3 at 10:06 AM


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. 



Comments     Threshold


This article is over a month old, voting and posting comments is disabled

RE: I'm intrigued to know.....
By kattanna on 5/31/2011 3:22:00 PM , Rating: 2
quote:
...it's bed is always empty.


im betting your car has a trunk, is it always full? if not.. then why did you get a car with a trunk if your not using it everyday?


RE: I'm intrigued to know.....
By jabber on 6/1/2011 8:19:39 AM , Rating: 1
Actually it has two large bags of computing gear (routers/cables/external HDDs etc)that I use for work. They stay in there 95% of the time.

Its a trunk with about 2.5 cubic feet of space that fits my needs perfectly so yes I did buy what I actually needed rather than what my penis was telling me.


RE: I'm intrigued to know.....
By Spuke on 6/1/2011 2:33:16 PM , Rating: 3
quote:
Its a trunk with about 2.5 cubic feet of space that fits my needs perfectly so yes I did buy what I actually needed rather than what my penis was telling me.
So everyone buying a car bigger than yours buys it because of their penis telling them to? No other reason right?


"So, I think the same thing of the music industry. They can't say that they're losing money, you know what I'm saying. They just probably don't have the same surplus that they had." -- Wu-Tang Clan founder RZA














botimage
Copyright 2014 DailyTech LLC. - RSS Feed | Advertise | About Us | Ethics | FAQ | Terms, Conditions & Privacy Information | Kristopher Kubicki