There was a refreshing moment of truthful clarity last week from Saudi Prince Al-Waleed bin Talal during an interview on “CNN’s Fareed Zakaria GPS.” Prince Talal admitted that the Saudis want to lower oil prices to avoid moves toward other energy sources and away from oil. It is the same principle upon which drug dealers offer cut-rate narcotics to keep the addiction going for their customers.
Talal, the grandson of the founder of Saudi Arabia, wants oil down to $70 and $80 a barrel. Why? “We don’t want the West to go and find alternatives, because, clearly, the higher the price of oil goes, the more they have incentives to go and find alternatives.”
Once again, Congress appears to be helping out by reducing support for renewable energy sources and continuing the mantra of “drill baby drill.” President Obama has joined the chorus and opened up pristine areas for oil development– a move that not only brings great environmental risks but guarantees to keep our addiction to oil going strong.
Source: CNN
Well it seems our little prince was on to something. The IEA is predicting the US will become the world’s largest oil producer and be an net exporter by 2030. High energy prices, new technologies, and expanded prospecting for oil in North America is credited with the success of the new US oil boom. So it seems we have to thank Bush and Obama for attacking the problem at both ends — exploration and technology.
And our Arab brothers seemed destined for a smaller role on the world stage.
http://money.cnn.com/2012/11/12/news/economy/us-oil-production-energy/?iid=EL