31 May '11, 3pm

Saudi Prince Doesn’t Want the U.S. to Find Alternatives to Oil: The worst part about America’s over-reliance on

This has been the game since the 1960s when OPEC was founded. Price stability either upward or downward to smooth revenue. Don’t freak out. There is very little correlation between the price of oil and demand. During the last decade oil prices have increased about 5x, but our consumption has been growing. Even when oil was $140, demand didn’t fall appreciably until our economy collapsed. Even with alternative technology available, people still keep burning oil for passenger cars at record rates which is precisely why the speculators have started gouging the living hell out of everyone. The US populace has not given any indication that it will actually reduce oil consumption regardless of the price or the technologies available. Consumption patterns are cultural. The price of oil is not driving the consumption function so why would you get angry that someone is trying to re...

Full article: http://gas2.org/2011/05/31/saudi-prince-doesn%E2%80%99t-w...

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