$17 Oil: Good News if Israeli Plan Works!

Israel Presses for Oil From Shale

"With the help of homegrown technology, an Israeli company's proposed energy plant could help the country vastly reduce oil imports.


With oil prices hovering around $70 a barrel, Israel is looking for ways to reduce its near-total dependence on energy imports. It's pondering the use of the nation's huge reserves of oil shale—a dark, crumbly rock loaded with hydrocarbons—located in the central and southern parts of the country. Thanks to a technical breakthrough, it should be possible to extract fuel oil from the shale for less than $20 a barrel. That could allow Israel eventually to cut its crude imports by up to one-third...."The cost of producing a barrel of oil using the process would be around $17 a barrel," estimates Amit Mor, managing director of Eco-Energy."
From "Business Week" Jul 06

Meanwhile, here in the U.S. we need to be doing more to exploit our own gas and oil reserves. New drilling in Grand County, UT has brought gas and oil wells on line.Our oil shale deposits are a huge resource made more important in light of the new Israeli process. (photo)



US oil reserves are at least three times the size of Saudi Arabian reserves beneath federal land in Colorado, Utah and Wyoming.

And even more Good News! LOL!