Is Oil Pricing Itself out of the Market?

ScienceDaily (Aug. 19, 2011) — University of Alberta researcher Andrew Leach likes the way Saudi Prince Alwaleed bin Talal thinks. A new paper by Leach, an associate professor in the Alberta School of Business, and fellow University of Alberta economics researcher Ujjayant Chakravorty, posits scenarios that parallel a statement Alwaleed made in May declaring that it is in the best interests of Saudi oil producers to keep oil around the $70 mark to prevent the West from developing alternative energy sources. Their paper, co-written with a colleague from the Toulouse School of Economics , hypothesizes scenarios wherein a narrowing of the gap between developing renewable energy resources and fossil fuel resources might mean a rush to drain the oil from its source.
Read More