$17 Per Barrel Synthetic Oil?

From a UPI:

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.

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.

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.

Just what would $17 per barrel oil mean to the current oil-wealthy countries? A smaller supply of French, Germans, and Russians willing to betray the West for bribes, for one thing.

Via The Jawa Report.