Creation Science, oil drilling, naked shorts and constitutionally protected stock fraud

I once – unfairly perhaps – questioned what passes as mainstream conservative thinking as anti-scientific. The real target was greenhouse gas denial where the debate has gone (a) the greenhouse effect is not real to (b) yes – it is but it not caused by humans and then it will go to (c) but we can’t do anything about it anyway. I figured (fairly) that if you deny the science you wind up getting counted out of the debate. The “conservative” line was a fast-track to irrelevancy.

The reason why my criticism was unfair was that I used “creation science”, a realm of pure science denial, as a club to beat conservatives with. And I was rightly pulled up.

However I had what was – in my view – a market test of whether creation science was garbage. And that was that there were plenty of oil companies spending cumulatively billions of dollars on oil exploration using methods of finding oil (eg fossils of seeds and weeds) that were consistent with evolution and inconsistent with creation science. However I could find nobody who spent even a few million drilling for oil based on creation science.

This blog however corrects its mistakes. There is a serious oil company that does drill based on biblical texts and creation science. I was plain wrong.

So I give you one of the promotional websites of an oil company (Zion Oil and Gas) with a market cap of about $100 million.

www.OilInIsrael.net

And – just because these things should not go to waste – I give you one of their many YouTube promotional videos. In that video they got to ring a stock exchange opening bell. Creation Science is – it seems – at the heart of American Capitalism.

This ungodly liberal with his own creation myth (evolution) stands corrected.

John

PS. Don’t bother looking – you can’t short the stock. There are no securities available to borrow – and naked short selling – that just isn’t allowed.

If you need to know who is behind this then Mother Jones started the work, and Richard Bartholomew nailed it. It turns out that it is promoted in religious publications by the well known preacher and Christian Zionist Hal Lindsey who does not dislcose his family's substantial holdings.

I will refrain from again making a case for naked shorting because I can't see any real social benefit in aggressive hedge fund managers sharing when Hal Lindsey fleeces his flock. We can keep the losses in the fundamentalist family without any major social detriment.

And on this - I pity the SEC. If the promoters hold the belief in oil in Israel as true religious belief it will be very hard for the SEC to go after them. Even if this is as transparent a scam as Mother Jones thinks it will be hard to prove. Did the Founding Fathers mean to constitutionally protect stock fraud?