Israel to produce oil for $25/barrel
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So says this article from a site called Israel21c. With this Ohio-Israel tech convention happening next week, and the topic of alternative fuel sources always a hot one in Ohio, I'm thrilled that Yid with Lid posted this story.
An Israeli company intends to revolutionize oil production by recycling oil shale rock into high quality fuel.
Haifa-based A.F.S.K Hom Tov recently demonstrated its patented method of extracting high quality oil and natural gas from a mixture of bitumen and oil shale rock. Bitumen - or asphalt - is the residue obtained by distillation of crude oil.
Experts predict the process will return oil at just $25 dollars a barrel and the additional natural gas produced would further boost the financial feasibility. With crude oil prices currently floating over the $50 a barrel mark, this proposed method is generating interest around the world.
All I want is a room somewhere,
Far away from the cold night air.
With one enormous chair,
Aow, wouldn't it be loverly?
Lots of choc'lates for me to eat,
Lots of coal makin' lots of 'eat.
Warm face, warm 'ands, warm feet,
Aow, wouldn't it be loverly?
An Israeli company intends to revolutionize oil production by recycling oil shale rock into high quality fuel.
Haifa-based A.F.S.K Hom Tov recently demonstrated its patented method of extracting high quality oil and natural gas from a mixture of bitumen and oil shale rock. Bitumen - or asphalt - is the residue obtained by distillation of crude oil.
Experts predict the process will return oil at just $25 dollars a barrel and the additional natural gas produced would further boost the financial feasibility. With crude oil prices currently floating over the $50 a barrel mark, this proposed method is generating interest around the world.
All I want is a room somewhere,
Far away from the cold night air.
With one enormous chair,
Aow, wouldn't it be loverly?
Lots of choc'lates for me to eat,
Lots of coal makin' lots of 'eat.
Warm face, warm 'ands, warm feet,
Aow, wouldn't it be loverly?
JBlog Me
2 Comments:
$25 oil? On first thoughts, it sounds great - but on reflection I find I have mixed feelings on that. The availablity of cheaper oil will no doubt cause a huge sigh of relief from consumers. Strategically, an alternative to OPEC oil (or Iraqi oil, or Russian oil...) would be welcome.
On the other hand, I wonder if abundant (and cheap) oil is necessarily a GOOD thing, especially if it diverts attention away from the need to develop renewable, non-greenhouse energy sources.
Plus, this is very reminiscent of the snow job the electric companies perpetrated on the public to get permission to build nuclear power plants in the 50s and 60s. They promised safe, cheap power - so abundant that it would be virtually free. (Anyone remember Reddy Kilowatt?) The reality was of course very different. Not only did Ohio Edison, Toledo Edison, The Illuminating Company, and the rest (all living under one roof as Centerior Energy now) NOT stop charging for their product - not only were the plants they built so unsafe as to NEVER run anywhere near capacity - but in fact they will periodically try to get their cronies in the Statehouse to sneak through a provision allowing utilities to raise their rates to recapture the costs of building those plants.
You raise good points, Turbo. What do you think is the answer? Would there be a way to regulate the production to maximize the benefit? How would such regulation be enforced - could the market do it?
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