Saudi Prince comes clean on keeping America addicted to oil.

[cybereye]

"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," said Talal, who is listed by Forbes as the 26th richest man in the world.

Saudi prince calls for lower oil prices

I admire the heck out of his honesty and transparency. OPEC has the ability to tinker with oil supplies and prices in efforts to keep us enslaved to oil and its accompanying global turmoil, need for confrontations with terrorist groups, Middle Eastern dictator control over the US economy, maximizing the amount of money they get from every American family in order to finance their highly extravagant lifestyles, anti-American sentiments, war and death all so that the super rich's gravy train keeps flowing. However they cannot FORCE us to stay enslaved. Is there ANY Republican out there who sees their game, is willing to say enough is enough and is wholeheartedly supporting as rapid as possible a move into energy independence.

 

[Argo]

It's all about supply and demand. That is the only thing that effects the price of oil. Not OPEC, that can pump more or less oil, invest or devest in oil. Nor is it the trader on oil contracts, that bid them up at the mere hind of production drop, refinery fire, oil spill, or war in a non-producing or very low level producing Middle Eastern state.

 

[FluffyMcDeath]

This has been the publicly stated OPEC position for decades. Currently the Saudis are dismayed that the speculators in the oil futures market have pushed the oil prices up despite the fact that current supply is more than adequate.

When oil prices hit a record $147 a barrel in July 2008, the Bush administration leaned on Saudi Arabia to pump more crude in hopes that a flood of new crude would drive the price down. The Saudis complied, but not before warning that oil already was plentiful and that Wall Street speculation, not a shortage of oil, was driving up prices.

 

[cybereye]

I believe oil price has to do with supply and demand, but it is not the only thing that affects the price of oil. The Middle East knew the value of oil and created the OPEC to control the value oil. It may not control 100% of the time. As FluffyMcDeath, point out about the speculators created the price of oil. When one of the oil countries that government become unstable commodity price shot up. I also believe currency also plays the value of oil as well. If it was that easy to trade base on supply and demand alone. OPEC sure will have a better control of the value of oil much better.
I don’t think the price of oil alone is created the “find alternatives”. Many industries believe peak oil is coming sooner than later and I am one of them that I think peak oil is much closer, but no doomsday. I am pretty sure OPEC countries are cooking the numbers on oil reserves.

 

[cecilia]

lets get those alternative energy sources and {bleep} them all