autoevolution
 

Saudi Prince: Low Oil Prices May Stop West from Shifting to Alternative Energy

With the barrel of oil now priced at over $100, the big consumers are beginning to show signs of anxiety, and that did not pass unnoticed in one of the largest oil producing countries of the world, Saudi Arabia.

A price somewhere in the $70-$80 area would be to the liking of Saudi Prince Al-Waleed bin Talai, grandson of the man who founded modern Saudi Arabia, not because it would help the already huge fuel spending of countless nations, but because it would slow down the rate at which some of the wealthiest western nations are adopting new, green technologies.

This statement, made by the Prince in an interview with CNN, reflects, probably for the first time, the unease with which oil producing countries are regarding the explosion of green technologies. Seen until recently as a simple passing mood, the determination with which countries like the US are embracing alternative fuels and power sources has convinced countries like Saudi Arabia that the until now overstated reduction in foreign oil dependence is not just talk.

Far from being an official position, but coming from the mouth of one directly involved, the statement may have some impact on the Organization of Petroleum Exporting Countries (OPEC) meeting which is scheduled to take place on June 8.

At the same time, more pressure begins to come from the International Energy Agency (IEA), who has begun asking oil producing countries to at least increase the supply of oil, in order to stop what might become a big problem for the global economy.
If you liked the article, please follow us:  Google News icon Google News Youtube Instagram X (Twitter)
About the author: Daniel Patrascu
Daniel Patrascu profile photo

Daniel loves writing (or so he claims), and he uses this skill to offer readers a "behind the scenes" look at the automotive industry. He also enjoys talking about space exploration and robots, because in his view the only way forward for humanity is away from this planet, in metal bodies.
Full profile

 

Would you like AUTOEVOLUTION to send you notifications?

You will only receive our top stories