Saudi Prince Al-Waleed bin Talal told CNN’s Fareed Zakaria that his country shares a common desire with oil consumers. They would both like oil prices to be lower. Prince Al-Waleed bin Talal indicated that the Saudis would like oil to be trading in the range of $70 to $80 per barrel instead of its current market price of close to $100 per barrel.
His country has determined that the lower price would help to convince western governments that they do not need to invest in developing alternatives that might take away their market share.
I remember hearing almost exactly the same kind of discussion over a Saudi desire to maintain world oil prices trading within a range of $20 – $25 per barrel. That earlier discussion occurred just 10 years ago. What other commodities currently cost 4 times as much as they did just 10 years ago? Are you making 4 times as much money each week as you did then by doing exactly the same job?
Oil addicts and their pushers are not working for common goals. We do not equally share in the world’s wealth and power. It is time for all of us to recognize that fact and make prudent investments that will allow us to choose reliable, emission free alternatives to continued dependence on oil consumption – like expanding our ability to use uranium and thorium.