The disclosure relates to an electrocrushing drilling fluid with an electrocrushing drilling base fluid including a polar oil, a non-polar oil, or a combination thereof and glycerine carbonate. The electrocrushing drilling fluid or base fluid may further include water or glycerin. The electrocrushing drilling fluid may further contain at least one additive. The electrocrushing drilling fluid may have a dielectric constant or dielectric strength of at least a set amount, an electric conductivity less than a set amount, or a combination of these properties. The disclosure further relates to an electrocrushing drilling system containing the electrocrushing drilling fluid and an electrocrushing drill bit.