According to an interview on CNN with Saudi Arabian Prince Al-Waleed bin Talal, the oil producer would like to see the price of oil fall to the $70-$80 per barrel range, from its current price of roughly $100 per barrel. Driving their desire to see lower prices, was their larger concern that alternatives to the internal combustion engine gasoline powered car are being developed. If too many auto makers start making too many alternative fuel vehicles, then the demand for Saudi Arabian oil will fall.
In the interview, the Prince says that the State position of Saudi Arabia is that they would like to see the price of oil between $70 and $80 per barrel. They don’t really want us to use any less of their oil. “We don’t want the West to go and find alternatives”. That sounds pretty clear to us. He goes on to say “Because clearly the higher price oil goes, the more they have incentive to go and find alternatives”. In other words, if the west develops alternatives to using our oil, they won’t be buying our oil from us.
But don’t get the idea that they are doing this for their own self interest. They really are looking out what’s best for us. And how do we know this? Because the Prince wraps up the interview with this statement “So really our interest coincides with American interests”. And here we thought they just wanted to sell us more oil.