Tags: Oil prices | Saudi | prince | US | Europe

Saudi Prince: Lower Oil Price to Keep US, Europe Hooked

Monday, 30 May 2011 01:27 PM

Saudi Arabia’s Prince Al-Waleed bin Talal said Sunday that he wants to decrease the price of oil so that the United States and Europe don’t look elsewhere for new, cheaper supplies. The prince, speaking with CNN host Fareed Zakaria, would like to keep the price of barrels between $70 and $80, rather than the current price of more than $100.

"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 bin Talal, who cited continuing Mideast unrest and supply disruptions for the soaring price of crude. "You're not 100 percent sure what is going to happen, because you hear once in a while Iran coming and jumping and antagonizing and intimidating the Gulf region. So, there's a worry."

Forbes lists bin Talal as the world’s 26th-wealthiest man.

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