Saudi Prince: Oil will never return to $100

Saudi Prince Alwaleed believes oil will never return to $100, which plunged below $46 a barrel on Monday for the first time since the spring of 2009.

The well-known billionaire investor recently told USA Today he's positive we're "never" going to see $100-a-barrel oil prices again.

"There's less demand, and there's oversupply. And both are recipes for a crash in oil. And that's what happened. It's a no-brainer," Alwaleed told the paper. 

The comments from the prince mirror ones by Ali al-Naimi, the Saudi oil minister who said $100 oil may be a thing of the past in December. 

Back in 2008, oil broke through the $100 level for the first time, leading some to predict prices would spike to $200 due to surging demand from China and India. Then oil plummeted to $34 during the Great Recession before rebounding sharply. 

Crude bounced between $90 and $110 over the past three years, trading above $100 as recently as late July. But that's when prices collapsed under the weight of a supply glut caused by North American production, including U.S. shale companies that need higher prices to be profitable.