I just did some analysis I thought I would share:

Based on fuel surcharge cost $75 you can pay with 150 points = $0.50 per point
You can purchase points from the website for = $1.00 per point
Reward ticket is 1400 points at average price of between $900-$1100 per economy ticket = $0.65 to $0.79 per point


Price of a roundtrip ticket using points is 1400.
Based on earnings you get per trip it is around 100-200 points per leg, it takes between 7-14 one way trips to earn 1400 points.

Overall, it is generally a bad idea to pay the fuel surcharge using the points as you are valuing them at 50 cents verse the 70 cents they are actually worth.

The recent sales offer of 900 points + $150 for a roundtrip is essentially a wash based on current market prices. Considering the average fare in the winter falls to around $800-$850, each point is really worth $.072. Slightly above average but nothing to be super excited for.

It is a smart move by El Al though because customers think they are valuing their points higher by using the average prices of $900-$1,100. If we use $1,100 the points are worth $1.05. Meaning you could purchase points at $1.00 and be making a profit essentially.

Well I hope this is helpful for someone. I did the analysis anyways so thought i would share.