Fascinating Israeli Technology Breakthrough

IMRA is reporting that in Israel a process has been developed that can extract oil from shale at a cost of $17 per barrel! According to IMRA:

Oil shale is limestone rock that contains hydrocarbons, or fossil fuels -- about 20 percent of the amount of energy found in coal. Using the rock as a raw material and coating it with bitumen, a residue of the crude oil refining process, the company can produce natural gas, fuel, electricity, or a combination of the three.

Older technologies squeezed the hydrocarbon material out of the rock, with extremely high pressure and at high temperatures. According to Professor Ze'ev Aizenshtat, an oil shale expert, the Hom Tov process is more environmentally friendly than other /methods of converting oil shale into energy. It also allows for more flexibility in the kind of
fuel produced, produces less waste and operates at lower temperatures than other methods.

The article clearly shows that the intention is to share the technology (while making a profit on it of course):

"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, a Hom Tov legal representative and a former Israeli energy minister, told United Press International.

Shahal estimated that the company's Negev Desert facility would begin full-scale production in three to four years, while other countries with oil shale deposits will need five to six years to reach production.

Hom Tov is going to be one very wealthy company before this is through. However, on a side note I am going to predict that other countries of the world will justify stealing this technology. After all Israel does not deserve such profit, right? China has been known for its strict adherence to patents and copyrights in the past, right?

This is great news for the US. The US has massive shale oil reserves in Colorado, Wyoming and Utah. In 5-6 years the US can be tapping into this reserve at a very cost effective way. This will help to remove our dependence on foreign oil and provide jobs to these states. One step closer to telling OPEC to go pound sand. Many other countries also have shale oil deposits. This could really increase oil supply bringing down the price of oil. The downside is that it may reduce pressure to replace fossile fuels for more environmentally friendly alternatives. Hopefully, these alternatives will continue to be explored and developed. While I do not buy into the full blown 5 alarm global warming theory, I am all for a better environment and less pollution.

So kudos to Hom Tov for this breakthrough. Hat tip: Instapundit