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Fox News Affiliated Saudi Prince: ‘We Don’t Want The West To Go Find Alternatives’ To Oil By Ben Armbruster posted from ThinkProgress Security on May 31, 2011 at 12:50 pm
Saudi Prince Al-Waleed bin Talal Fareed Zakaria interviewed Saudi Prince Alwaleed bin Talal on his CNN show last weekend and wondered what Saudi Arabia, whom Zakaria referred to as “the central banker of oil,” could do about the rising price of a barrel of oil. “If you don’t have increased demand, if you don’t have reduced supply, why did the price go up 30 — 40 percent?” Zakaria asked. While bin Talal blamed rising oil prices on “fear” and “speculation,” the Saudi Prince made a surprising admission:
BIN TALAL: The stiff position of Saudi Arabia, we want the price to be between $70 and $80. Not only to help the West, but also to help ourselves. We don’t want the West to go and find alternatives, because, clearly, the higher the price oil goes, the more you have incentive to go and find alternatives. So, really, our interest coincides with American interest, to have the price for around $70, $80 which is a price good for consumers and producers.
Fox News Affiliated Saudi Prince: ‘We Don’t Want The West To Go Find Alternatives’ To Oil By Ben Armbruster posted from ThinkProgress Security on May 31, 2011 at 12:50 pm
Saudi Prince Al-Waleed bin Talal Fareed Zakaria interviewed Saudi Prince Alwaleed bin Talal on his CNN show last weekend and wondered what Saudi Arabia, whom Zakaria referred to as “the central banker of oil,” could do about the rising price of a barrel of oil. “If you don’t have increased demand, if you don’t have reduced supply, why did the price go up 30 — 40 percent?” Zakaria asked. While bin Talal blamed rising oil prices on “fear” and “speculation,” the Saudi Prince made a surprising admission: BIN TALAL: The stiff position of Saudi Arabia, we want the price to be between $70 and $80. Not only to help the West, but also to help ourselves. We don’t want the West to go and find alternatives, because, clearly, the higher the price oil goes, the more you have incentive to go and find alternatives. So, really, our interest coincides with American interest, to have the price for around $70, $80 which is a price good for consumers and producers.
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