Amid the decimation that is the oil patch, it may be time to look around for value. Genie Energy is an unconventional oil story if there ever was one. A reseller of retail electricity and heat in the Northeast, it also is sitting on potentially billions of barrels of oil shale — not shale oil — in of all places Israel. Given the value of Genie’s core business, at current prices — though they move around quite a bit — it seems like shareholders might get some highly speculative but very large oil reserves for free. And the company is also drilling in a near-term conventional oil play that might be a big hit. However, the location of that field — in the Golan Heights — underscores that this is not a stock for the faint of heart.
It’s been a rough nine months for both crude oil and the State of Israel. If someone had been bullish on either in the middle of last year, they would feel pretty beat up right now. But with the crashing …
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Richard Hurowitz is the founder and publisher of The Octavian Report.