Saturday, June 12, 2004

Get ready for a petroleum version of the rapture. It looks like another 400 million barrels of oil are about to disappear from the Earth's crust.
BP is preparing to downgrade up to 3 per cent of its oil reserves, according to investment bank Goldman Sachs.

One City analyst said: "This would be pretty embarrassing after everything Shell has been through." There is no question of wrongdoing on BP's part.

. . . the company could downgrade reserves by up to 3 per cent. This would bring them down by 400 million barrels of oil, from 13.3 billion in total reserves.
But don't worry. Deuteronomy 33 says there are 200 million barrels just waiting to be pumped out of Israel.
Lushkin, 54, an ultra-orthodox Jew and one of the founders of Givat Olam, or Eternal Hills, based his search for oil on a mix of knowledge and religion.

He studied geophysics in his native Russia and worked for major oil companies before emigrating to Israel in 1984. Oil was first discovered in what was then Palestine by the British in the 1930s, but despite several attempts no one has yet extracted significant amounts.

. . . his inspiration was chapter 33 of Deuteronomy in the Old Testament, in which Moses assures Joseph that his land will be abundant with fruit and minerals - Lushkin assumes this includes oil.

The text goes: 'Blessed of the Lord be his land, for the precious things of heaven, for the dew, and for the deep that coucheth beneath... and for the precious things of the eternal hills [Givat Olam], and for the precious things of the earth and fullness thereof.'
The Lord giveth and the Lord taketh away.


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