Saturday, July 09, 2011

Matt 24 Watch, 128: 250 Billion BBL Oil shale deposit in Israel . . . ?

For some years now, natural gas has been found, especially offshore of Israel's Mediterranean coast. 

Now, it seems that Israel Energy Initiatives has found shale oil, not too far from the same Adullam's Cave where David fled from Saul. According to Judith Levy, who reports on:

 . . . a chunk of oil shale that had been dug up moments before from 400 meters below ground (1,300 feet, or a bit deeper than the height of the Empire State Building) at a drilling site in the Shfela Basin, southwest of Jerusalem . . . .  a deposit with the potential to yield about 250 billion barrels, well beyond Israel’s domestic needs and amply sufficient to transform Israel into an oil exporter.
This has set off an internal debate and a contention with Israel's Greens, but if a deposit on this scale has been found, it also transforms Israel's geostrategic position, and provides a key buffer against oil strangulation. Which was a material factor in Israel's going to war in 1967.

So, if this report is confirmed in upcoming days, it has a transformative potential impact on the Middle East situation, especially if Israel is now able to join the circle of oil exporting countries.
So, let us keep an eye out. END

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