Matthew Kalman at AOLNews writes:
A baron from the prominent Rothschild family is teaming up with media mogul Rupert Murdoch in an attempt to break Israel’s foreign oil dependency by mining vast amounts of oil shale in the unspoiled Elah Valley, where the Bible says David fought Goliath.
But their business plan has morphed into a family battle all its own because of some unexpected opposition from Lord Jacob Rothschild’s second cousin, a celebrated eco-campaigner.
Oil shale mining involves heating the ground to transform buried, tar-like organic compounds into oil, and then extracting it. But the process is criticized for being an inefficient way of getting energy, because it takes so much energy to heat up the ground and create the oil, and then drill for it. Al Gore has described the practice as “utter insanity.”
Such technology is economical only when the price of oil is very high, as is the case right now. And Lord Rothschild has said he believes oil shale mining “could transform the future prospects of Israel, the Middle East and our allies around the world.”
The article continues here.
HT: Jay Baggett