Saudi Oil Moguls fear Hybrid Cars

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.” ‘