Genoil Project Rollout Can Prevent a Collapse in the World Economy
NEW YORK CITY, NY / ACCESSWIRE / December 4, 2024 / Genoil Inc. (OTC PINK:GNOLF) announces that the Genoil Upstream Upgrading Crude Production Plant can supply much needed crude oil that has been lost due large oil disruptions caused from a Middle East Conflict or for example if the Straits of Hormuz were to be closed. Genoil's Upgrading Plant can replace the twenty-five million barrels per day of crude oil within sixty days. The Genoil upgrading plant will be more effective than the strategic petroleum reserves.
The second reason to immediately rollout Genoil Syncrude Plant today, even without a crisis, is because of the enormous efficiency and productivity increases gained from existing refineries processing Syncrude as compared with the existing methods to process raw blended crudes which we calculate to be in the range of 52% more efficiency.
A major oil disruption would require a state of emergency to be declared in Europe and the United States and the parts required would have to be ordered by these states to be furnished for Genoil at once, superseding and delaying all other orders so that they can replace the destroyed or cut off oil in thirty to sixty days. The Genoil plant improves the crude oil so that the crude oil has no refining residue while being refined. By contrast WTI, Brent or other light oil blends have approximately 40 percent residue. The modern refinery today has low liquid fuel yields of only 65% of the feedstock input whereas Genoil's Syncrude would have close to 100%. This translates to a 52% increase in liquid fuel yield over conventional light crude oil blends' which will replace the lost light oil from the Middle East in the event of a war with Iran. Industry norms are on average 2.5 to 3 years to build its greenfield projects due to standard backlogs from refinery equipment providers. The Genoil solution should be initiated at once by the United States so that an emergency plan is in place in the event the oil production is cut off or destroyed. Otherwise, as we have pointed out in a letter to Mr. Jamie Dimon of J. P. Morgan Chase Bank that the disruption of 25 million barrels of oil would trigger an implosion of the over $600 trillion dollars of derivates in a "nuclear chain reaction explosion" to use Warren Buffett's applicable metaphor whether it be by the wells being bombed or the Straits of Hormuz being closed.
Our CEO, David Lifschultz is quite familiar coordinating such emergencies having been the supervisor of the 1987 rescue of the markets due to irregularities in the cash settlement market and in 2008 also discussed in the letter below to Jamie Dimon. He also wrote the Paul Volcker anti-inflation plan at the request of the Rothschilds though David was happy that Paul received the credit for writing it because David happened to like him. Mr. Lifschultz met Paul on the Washington-New York City flight some years later to instruct him to reverse the tight money policy and the plane was delayed a few hours and got to know him quite well.
On the basis of the above, leading financial institutions have offered to finance both equity and debt for up $50 billion USD for these projects.
Forward Looking Statements:
Statements included in this release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements involve a number of risks and uncertainties such as competitive factors, technological development, market demand, and the company's ability to obtain new contracts and accurately estimate net revenues due to variability in size, scope and duration of projects, and internal issues in the sponsoring client. Further information on potential risk factors that could affect the company's financial results can be found in the company's Reports filed with the Securities and Exchange Commission.
For more information you can see our latest presentation on our homepage and contact:
Genoil Inc.
David K. Lifschultz, CEO
(212) 688-8868
SOURCE: Genoil, Inc.
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