From CNBC:
Saudi Arabia Will Not Let Oil Go Above $100: Prince
Bin Talal, the billionaire member of the Saudi Arabian royal family who runs the Kingdom Holding Co., said the fear comes from “what may happen with Iran and the possibility of closing the Hormuz Strait.”
But Saudi Arabia has already said it will not let the price of oil, which closed Monday around $97 a barrel, go above $100, bin Talal said.
“We can use our leverage, our excess capacity to be sure to pump more [oil] if needed so it will not impact the consumer countries while they’re getting out of their recessions slowly but surely,” the prince said.
But what really matters to him:
He said the European debt crisis is “pulling down the growth of the world economies” and it is important for the European Union countries to “get their house in order because this can’t go on indefinitely.” Greece leaving the EU would set a bad precedent, he added, and could lead to the disintegration of the euro.
Is that his massive investments in Europe will go down the pan if they squeeze us too hard.
We have to shift this balance. We the consumers need to control the price of oil not these guys. They’re playing with us and I don’t like it.
As I’ve said before, I don’t believe in carbon taxes, global warming or any of the other nonsense, but we must use less of their oil and let our brains, creativity and inginuety allow us to escape the shackles of big oil and break their evil monopoly for ever.
h/t Mike Granoff from Better Place.
