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Saudi prince: $100-a-barrel oil 'never' again

Hello,

Frankly I'm in favor of lower oil prices in the long term. Oil is a primary fuel for the U.S. engine and reduced prices have a strong upside for the American economy. This translates into an upside for the world economy. Admittedly, there will be a loss of jobs in the U.S. shale oil sector but I expect this will be easily offset by increased employment in other areas of industry. Ultimately there is a finite supply of oil and I'd rather see it extracted at a lower cost which benefits the economy than at higher costs which regard it.

Garion
 
Hello,

Frankly I'm in favor of lower oil prices in the long term. Oil is a primary fuel for the U.S. engine and reduced prices have a strong upside for the American economy. This translates into an upside for the world economy. Admittedly, there will be a loss of jobs in the U.S. shale oil sector but I expect this will be easily offset by increased employment in other areas of industry. Ultimately there is a finite supply of oil and I'd rather see it extracted at a lower cost which benefits the economy than at higher costs which regard it.

Garion

Why we should use this reprieve just start developing more alternative energy.

I also think we should subsidize the fractures to keep the infrastructure on warm standby I don't trust the Arabs.
 
Saudi prince: $100-a-barrel oil 'never' again


Some very interesting comments from this Saudi prince on oil.

It's an interesting perspective. Though those who might be unfamiliar should know that Talal is not tied into the actual apparatus of the Saudi state. He holds no cabinet positions and is considered to be an outsider with little popularity or relevance within the inner circles of the royal family. Instead his reputation is due to his status as a businessman with massive holdings and his familial relationships which allow some unique (though not always accurate) commentary on Saudi issues which are often extremely opaque.
 
Maintaining market share over price control reads to me as "Crap. If they do not need our oil, they might start thinking about bombing us too." With oil accounting for 30-40% of some of these nations' GDP, and so many peole dependent on the government for services, I could see low oil prices further radicalizing the region.
 
Maintaining market share over price control reads to me as "Crap. If they do not need our oil, they might start thinking about bombing us too." With oil accounting for 30-40% of some of these nations' GDP, and so many peole dependent on the government for services, I could see low oil prices further radicalizing the region.

You have to remember that Saudi has a national wealth fund of something like $750 billion. So they would have to eat into it by an estimated 30-50 billion per year at $50 oil, but they could sustain that for quite a while. Russia, Iran and Venezuela may have much more trouble.
 
You have to remember that Saudi has a national wealth fund of something like $750 billion. So they would have to eat into it by an estimated 30-50 billion per year at $50 oil, but they could sustain that for quite a while. Russia, Iran and Venezuela may have much more trouble.

But given all the extra agent hooker parties, that might be a "best case" (for them) scenario.

Aside from that, I would tend to agree.
 
Why we should use this reprieve just start developing more alternative energy.

I also think we should subsidize the fractures to keep the infrastructure on warm standby I don't trust the Arabs.

You don't trust the Arabs, really? Hey, if you can't trust them, who can you trust? Next, you'll say you don't trust our very own federal government either.
 
You have to remember that Saudi has a national wealth fund of something like $750 billion. So they would have to eat into it by an estimated 30-50 billion per year at $50 oil, but they could sustain that for quite a while. Russia, Iran and Venezuela may have much more trouble.

Which was why Iran supported OPEC cutting production to maintain higher prices but SA balked.
 
Which was why Iran supported OPEC cutting production to maintain higher prices but SA balked.

They probably would not have cut production. Wanted Saudi to carry their water.
 
Why we should use this reprieve just start developing more alternative energy.

I also think we should subsidize the fractures to keep the infrastructure on warm standby I don't trust the Arabs.

We need to grow some balls and start investing heavily into alternative energies.

The second we become independent of oil is the second we can flip all the insignificant sand fleas the finger.
 
We need to grow some balls and start investing heavily into alternative energies.

The second we become independent of oil is the second we can flip all the insignificant sand fleas the finger.

then why do you not flip them off now, a time when there is oil over supply and alternative sources
 
We need to grow some balls and start investing heavily into alternative energies.

The second we become independent of oil is the second we can flip all the insignificant sand fleas the finger.

Then go back to burning coal for electric. It really is that simple. In the meantime, until the northeast overhauls its natural gas distribution system to increase capacity, your electric rates will continue to climb.
 
then why do you not flip them off now, a time when there is oil over supply and alternative sources

The oil companies are scared, unable to evolve.

Old super successful companies are almost destined to be reluctant to change. Especially when you start talking about the oldest monopolistic companies like oil companies.

These companies will actively spend a lot of resources to fight any sort of change.

It's like an old diseased animal being kept alive just on life support.
 
Then go back to burning coal for electric. It really is that simple. In the meantime, until the northeast overhauls its natural gas distribution system to increase capacity, your electric rates will continue to climb.

Unless we're using petroleum to generate electricity, going back to coal isn't going to help much is it?
 
The oil companies are scared, unable to evolve.

Old super successful companies are almost destined to be reluctant to change. Especially when you start talking about the oldest monopolistic companies like oil companies.

These companies will actively spend a lot of resources to fight any sort of change.

It's like an old diseased animal being kept alive just on life support.

why did you quote me and then ignore my posted question?
 
You don't trust the Arabs, really? Hey, if you can't trust them, who can you trust? Next, you'll say you don't trust our very own federal government either.

Unfortunately you'd find many on this forum who are more than willing to trust the government depending on party.
 
try it again:

The oil companies are scared, unable to evolve.

Old super successful companies are almost destined to be reluctant to change. Especially when you start talking about the oldest monopolistic companies like oil companies.

These companies will actively spend a lot of resources to fight any sort of change.

It's like an old diseased animal being kept alive just on life support.

Deal with it, that is my answer to the question, and the question is not restated.
 
Deal with it, that is my answer to the question, and the question is not restated.

here is your "answer" to my question why do you not flip off the saudis now:
The oil companies are scared, unable to evolve.

Old super successful companies are almost destined to be reluctant to change. Especially when you start talking about the oldest monopolistic companies like oil companies.

These companies will actively spend a lot of resources to fight any sort of change.

It's like an old diseased animal being kept alive just on life support.

you referred to me as a simpleton, which must explain why i do not find your answer responsive to the question
 
here is your "answer" to my question why do you not flip off the saudis now:


you referred to me as a simpleton, which must explain why i do not find your answer responsive to the question

"answer"

It's an answer, whether you like it or not, as to why we aren't flipping the Saudis the finger.

The oil tycoons have too much to lose to do such a thing (there, I condensed my original exposition by a considerable amount, do you get it now?) and don't want to change.
 
Of interest in the article was this

Because the minister of oil in Saudi Arabia just in July publicly said $100 is a good price for consumers and producers. And less than six months later, the price of oil collapses 50%.

So as recently as July of this year, they have one position. Then all of a sudden, after a September meeting with John Kerry, the Saudis start driving down the price of oil causing oil prices to spiral downward. Amazing.
 
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