Originally posted one year ago.
HAIFA, Israel, Nov. 7 (UPI) — The Israeli process for producing energy from oil shale will cut its oil imports by one-third, and will serve as a guide for other countries with oil shale deposits, according to one company.[..]
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.
The US has been developing technology that is competitive at $30 per barrel and get this,
Estimates of the oil resource in place within the Green River Formation range from 1.5 trillion (Smith, 1980; Dyni, 2003) to 1.8 trillion barrels (Culburtson and Pitman, 1973; Federal Energy Administration, 1974). 2 About 1 trillion barrels 3 (Smith, 1980; Pitman, Pierce, and Grundy, 1989) are located within the Piceance Basin, meaning that this 1,200 square mile area in western Colorado holds as much oil as the entire world’s proven oil reserves (BP Statistical Review, 2005).