An electrocrushing drilling system comprising: a drill string comprising a distal end; an electrocrushing drill bit attached to the distal end of the drill string for fracturing rock in a formation, the electrocrushing drill bit comprising electrodes through which a voltage may be discharged that are at least 1.016 cm (0.4 inches) apart at their closest spacing; and an electrocrushing drilling fluid that circulates downhole through the drill string and then moves the fractured rock uphole, wherein the electrocrushing drilling fluid comprises: a polar oil selected from the list consisting of a vegetable oil, an ester oil, or any combinations thereof or; a non-polar oil selected from the list consisting of a mineral oil, a diesel oil or fuel, a paraffin-based oil, an oil containing branched and linear aliphatic hydrocarbons having between 8 and 26 carbon atoms and a boiling point in the range of 120 °C to 380 °C, an oil containing hydrocarbons having between 10 and 16 carbon atoms and a viscosity of 1.5 to 2 cSt at 40°C, or any combinations thereof or; a combination of a polar oil or a non-polar oil; water; wherein a ratio of oil: water is between 50:50 and 99:1 (v:v), and wherein the electrocrushing drilling fluid has a dielectric strength of at least 141 kV/cm at 10 microseconds rise time. a drill string comprising a distal end; an electrocrushing drill bit attached to the distal end of the drill string for fracturing rock in a formation, the electrocrushing drill bit comprising electrodes through which a voltage may be discharged that are at least 1.016 cm (0.4 inches) apart at their closest spacing; and an electrocrushing drilling fluid that circulates downhole through the drill string and then moves the fractured rock uphole, wherein the electrocrushing drilling fluid comprises: a polar oil selected from the list consisting of a vegetable oil, an ester oil, or any combinations thereof or; a non-polar oil selected from the list consisting of a mineral oil, a diesel oil or fuel, a paraffin-based oil, an oil containing branched and linear aliphatic hydrocarbons having between 8 and 26 carbon atoms and a boiling point in the range of 120 °C to 380 °C, an oil containing hydrocarbons having between 10 and 16 carbon atoms and a viscosity of 1.5 to 2 cSt at 40°C, or any combinations thereof or; a combination of a polar oil or a non-polar oil; water; wherein a ratio of oil: water is between 50:50 and 99:1 (v:v), and wherein the electrocrushing drilling fluid has a dielectric strength of at least 141 kV/cm at 10 microseconds rise time. a polar oil selected from the list consisting of a vegetable oil, an ester oil, or any combinations thereof or; a non-polar oil selected from the list consisting of a mineral oil, a diesel oil or fuel, a paraffin-based oil, an oil containing branched and linear aliphatic hydrocarbons having between 8 and 26 carbon atoms and a boiling point in the range of 120 °C to 380 °C, an oil containing hydrocarbons having between 10 and 16 carbon atoms and a viscosity of 1.5 to 2 cSt at 40°C, or any combinations thereof or; a combination of a polar oil or a non-polar oil; water; wherein a ratio of oil: water is between 50:50 and 99:1 (v:v), and wherein the electrocrushing drilling fluid has a dielectric strength of at least 141 kV/cm at 10 microseconds rise time.