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Saudi Oil Moguls fear Hybrid Cars

Juan Cole 09/28/2008

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Saudi Arabia wants lower petroleum prices. As a country with enormous reserves, Riyadh would like to preserve their value. In contrast, countries like Algeria with relatively shallow reserves want to get top dollar for their petroleum while it lasts.

Businessweek provides the telling quote:

‘ Any threat to oil’s leading role as a source of energy is a big worry for a country that sits on reserves of some 260 billion barrels. “We are concerned about the permanent destruction of demand,” says a senior Saudi official. “Those who buy hybrid vehicles are not going back to SUVs.” ‘

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About the Author

Juan Cole is the founder and chief editor of Informed Comment. He is Richard P. Mitchell Professor of History at the University of Michigan He is author of, among many other books, Muhammad: Prophet of Peace amid the Clash of Empires and The Rubaiyat of Omar Khayyam. Follow him on Twitter at @jricole or the Informed Comment Facebook Page

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