Saudi Arabian prince Alwaleed bin Talal would like to see oil prices drop to the $70-$80 a barrel range in a move to thwart western development in alternate fuels.

The prince is aiming to do this to prevent the U.S. and Europe to invest in alternative energy sources.

We don't want the West to go and find alternatives, Alwaleed, a nephew of Saudi King Abdullah, said in interview with CNN.

Alwaleed said the political instability in Bahrain, which caused the speculative purchasing of the oil, has pushed the oil prices to past the $100 mark.

Oil prices in Europe have been in the $100-$115 a barrel level, causing gasoline prices to increase and pressing down consumers and business profits.

The 26th wealthiest billionaire, Alwaleed also said that Saudi Arabia needs to enact laws to permit the public to participate in government. 

However, Goldman Sachs commodity research analysts said earlier this week that crude oil prices may move higher in coming weeks after a latest easing.