Saudi Prince Says We’ll ‘Never’ See $100 Oil Barrels Again

Time Magazine ^ | January 12, 2015 | Laura Stampler

[2ndDivisionVet]

"You better believe it is gonna go down more," Alwaleed bin Talal said.

Saudi royal prince Alwaleed bin Talal says in a new interview that the days of $100-a-barrel oil are a thing of the past, as oil prices continue to drop around the globe.

Asked by USA Today if prices, recently below $50 a barrel, would continue to plunge, Talal answered:

“If supply stays where it is, and demand remains weak, you better believe it is gonna go down more. But if some supply is taken off the market, and there’s some growth in demand, prices may go up. But I’m sure we’re never going to see $100 anymore....

[cuban leaf]

I just heard on the news this morning that there is talk of oil and NG being roughly 2 miles below the surface in eastern Kentucky.

[Crazieman]

Lies. Peak oil said we’d hit it in 1979. Along with global warming.

[biff]

Wanna bet? He is blowing smoke up our rears. World Wars are fought over what his country is doing.

[wolfman23601]

For the first time ever, I hope the prince is correct.

[nascarnation]

We still have this crazy $1.25/gallon spread between E10 and ULSD. Never seen anything like it.

[Autonomous User]

Corn seeds everywhere are breathing a sigh of relief as they can go back to actually feeding people.

[2ndDivisionVet]

I drive an old diesel Mercedes, so you’re preaching to the choir.

[grania]

World Wars are fought over what his country (Saudi Arabia) is doing

Some would argue that initiatives to destroy an opponent economically is a declaration of war.

[Logical me]

Guaranteed if we get the Keystone done.

[Texas Eagle]

Wouldn't be so sure about that. When gold was 300 dollars an ounce back in the early 90s, our investment counselor told us we'd never see thousand dollar gold again and advised us against it.

Asshole.

[Gen-X-Dad]

I was looking for a figure on US Oil demand and found this 2013 article (see below) which had a nice breakdown of why demand has been shrinking. Looking at some of the charts in the article, it is amazing they were able to prop it up to a $100 a barrel as long as they did, never underestimate the power of QE funded Wall St. speculation on commodities.

http://ourfiniteworld.com/2013/01/31/why-is-us-oil-consumption-lower-better-gasoline-mileage/

[Red Badger]

It’s the ‘LSD’ part......................

[Jewbacca]

It’s caused by the law that forbids export from the USA.

[Tax-chick]

It’s not that long ago that “experts” were saying we’d never see oil as LOW as $100/bl. again.

They don’t know, any more than I do. However, it’s safe to say that if Prince Alaweed is saying this, he’s got a particular reason either to want hearers to believe it, or to want them to believe that he believes it.

[thackney]

Better up to date source.

That decline stopped a few years ago.

http://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=MTTUPUS2&f=M

And for refined only products:

http://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=MTPUPUS2&f=M

[Cowgirl of Justice]

Just a few months ago, it was thought that gas would never go below $3 a gallon.

http://www.level5.com/energy-sector-boom-will-gas-prices-fall-3-per-gallon/

[DoodleDawg]

Never say never.

[DoodleDawg]

Some would argue that initiatives to destroy an opponent economically is a declaration of war.

Then they declared war on Nigeria, Venezuela, Russia and Iran.

[Signalman]

Hope it’s on private land...or Obama will ban drilling it.