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Arabia
Saudi prince: $100-a-barrel oil 'never' again
2015-01-12
Shale oil broke that little monopoly, didn't it? If the Saudis have less money does that mean the environmental groups' financing is going to drop significantly?
The greenies, Vlad, Nick the Mad, Arab princes of all flavors, and the Mad Ayatollahs...
Ooooooh, that is a lovely thought!
[USATODAY] Saudi billionaire businessman Prince Alwaleed bin Talal told me we will not see $100-a-barrel oil again. The plunge in oil prices has been one of the biggest stories of the year. And while cheap gasoline is good for consumers, the negative impact of a 50% decline in oil has been wide and deep, especially for major oil producers such as Soddy Arabia
...a kingdom taking up the bulk of the Arabian peninsula. Its primary economic activity involves exporting oil and soaking Islamic rubes on the annual hajj pilgrimage. The country supports a large number of princes in whatcha might call princely splendor. When the oil runs out the rest of the world is going to kick sand in the Soddy national face...
 and Russia. Even oil-producing Texas has felt a hit. The astute investor and prince of the Saudi royal family spoke to me exclusively last week as prices spiraled below $50 a barrel. He also predicted the move would dampen what has been one of the big U.S. growth stories: the shale revolution. In fact, in the last two weeks, several major rig operators said they had received early cancellation notices for rig contracts. Companies apparently would rather pay to cancel rig agreements than keep drilling at these prices. His royal highness, who has been critical of Saudi Arabia's policies that have allowed prices to fall, called the theory of a plan to hurt Russian President Putin with cheap oil "baloney" and said the sharp sell-off has put the Saudis "in bed" with the Russians. The interview has been edited for clarity and length.
Posted by:Fred

#15  I call that bold talk for a one-eyed fat man.

Fill your pants, you saud of a bitch!
Posted by: swksvolFF   2015-01-12 19:40  

#14  Last we heard from the illustrious financial commentator, brilliant investor and all-around brain Prince Alwaleed bin Talal he was dumping a few billion into Citigroup in 2008 at an equivalent share price, net of that 1:10 reverse split, of around $400/share. And he was telling us it was a screaming buy. Wonder how that's working out for him?
Posted by: Sheater Thud2458   2015-01-12 16:18  

#13  Saudi's have no money to buy off the radicals they helped create, and no money to finance Mosques that create new radicals. Win/win.

Let them reap what they sowed and become the geopolitical equivalent of Africa.
Posted by: rjschwarz   2015-01-12 15:19  

#12  Forget the recent downturn in gasoline prices at the pump. Keystone approval requires the 'long view.' There is NO MORE ECONOMICAL method of shipping crude oil or natural gas than a pipeline.
Posted by: Besoeker   2015-01-12 15:05  

#11  Oil and gas producers can cut a lot of fat out of their production and distribution models.
Posted by: bman   2015-01-12 14:58  

#10  Agree w/ YS, except the low prices are keeping new wells from being driven; existing wells are 'sunk costs' pardon the pun, but to punch new ones takes money. A report from last month showed permit applications in TX and the Bakken Field way down compared to either last year or previous months.

However Crude by Rail is expected to remain steady for the next year. Even if Keystone passes it is a crap shoot if the desire is there to fund the construction at this time.
Posted by: USN, Ret.   2015-01-12 14:51  

#9  Now is the time to push even harder to complete the pipeline and grow shale and fracking. They are on the ropes - this would be a crushing blow.
Posted by: Yosemite Sam   2015-01-12 12:08  

#8  How's that working out for you? Useful self indulgent egotistical arrogant idiots who really believe they know what's better for us.
Posted by: Procopius2k   2015-01-12 09:25  

#7  The same thing that happened to inflation

Now, when will this happen to AGW?
Posted by: AlanC   2015-01-12 08:27  

#6  Whatever happened to peak oil? The same thing that happened to inflation -- that is, corrected for inflation, prices have not changed at all!
Posted by: Anguper Hupomosing9418    2015-01-12 07:18  

#5  Whatever happened to peak oil?
Posted by: European Conservative   2015-01-12 06:25  

#4  I may be fat, but I have two eyes.
Posted by: Anguper Hupomosing9418    2015-01-12 06:24  

#3  "I call that bold talk for a one-eyed fat man."
Posted by: Besoeker   2015-01-12 06:20  

#2  Umm, anyone care to make a wager?
Posted by: Shipman   2015-01-12 06:16  

#1  The Saudis don't control the price of oil the way they once did. He is overstating their influence. I AM sure I have no control over the price, which I must either pay or do without oil.
Posted by: Anguper Hupomosing9418    2015-01-12 06:07  

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