"Because fewer refining processes are necessary with oil shale than with crude oil, the final product is a higher quality fuel at a lower price, Aizenshtat said.

The company estimates it will consume 6 million tons of oil shale and 2 million tons of refinery waste each year, for an annual production of 3 million tons of product.

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.

Israel has 15 billion tons of oil shale reserves. Jordan, on the other hand, has about 25 billion tons, and the oil shale in Jordan is of higher quality. Shahal met with Jordanian Energy Minister Azmi Khreisat earlier this year, to discuss setting up a plant there.

The United States also has a giant reserve, mostly in Colorado, and Hom Tov sees potential for its patented process there."

UPDATE: More detail here. Sounds very promising. The real issue may be figuring out how to survive the price war that OPEC will launch to keep it from succeeding. Well, if NYC and large parts of the M.E. aren't sheets of glass long before then...