Friday, November 17, 2006

Hold the Presses

(Hat tip: Meryl)

I think this may be huge. Meryl: [Ez: spliced/emphasis by me]

Glenn Reynolds says there’s good news on oil shale, and points to an article that says the Feds have given three oil companies the go-ahead to work on shale.

They should have talked to this Israeli company instead:

HAIFA, Israel, Nov. 7 (UPI) — The Israeli process for producing energy from oil shale will cut its oil imports by one-third.

A.F.S.K. Hom Tov presented its oil shale processing method on Tuesday, outside Haifa and just down the street from one of the country’s two oil refinery facilities.

“Because the patents for this process belong to (the company), Israel is the most advanced in the world in the effort to create energy from oil shale,” Moshe Shahal told United Press International.

How much is this all going to cost? $17 a barrel.

It would cost about $17 to produce a barrel of synthetic oil at the Hom Tov facility, meaning giant profit margins in a world of $45 to $60 per barrel crude. Yearly earnings are forecasted to be between $159 million and $350 million, Shahal said.

Of course, the sweetest part in all of this is that if the Israeli-patented process goes global, the Arab nations lose a significant part of the oil threat. Canada and the U.S. have large, untapped oil shale reserves. Score another one for Jewish scientists.

Score for Israel, score for the United States, score for the entire world. It's not alternative energy, but it's a heck of a lot better than the current situation.