Israel May Be Richest Oil Country in the World

The June 10, 1973 issue of the New York Times quoted Israeli Prime Minister Golda Meir as saying,

“Let me tell you something that we Israelis have against Moses. He took us 40 years through the desert in order to bring us to the one spot in the Middle East that has no oil!”

Nearly forty years later, Meir could not have been further from the truth.

Over the past several years, Israel has discovered several major oil and natural gas fields within their borders.  Now in the latest discovery, a huge oil and gas field has been found just off the coast of the Israeli port city of Haifa.

According to the Israel Opportunity Energy Resources L.P., the new offshore discovery is estimated to yield 1.4 billion barrels of oil and 6.7 trillion cubic feet of natural gas.  Ronny Halman, chairman of the company said,

“The quantity of gas discovered in the licenses, and the high probabilities, make it the third largest offshore discovery to date.  This quantity guarantees Israel’s energy future for decades, and makes it possible to export Israeli gas, and boost the state’s revenues without worrying about gas reserves for domestic consumption.”

Oil and gas fields discovered offshore about a year ago are known as the Tamar and Leviathan fields.  Tamar is expected to produce 9 trillion cubic field of natural gas and the Leviathan field will produce nearly 17 trillion cubic feet of natural gas.

Dr. Harold Vinegar, former chief scientist of Royal Dutch Shell commented on the Israeli finds by saying,

“We estimate that there is the equivalent of 250 billion barrels of oil here. To put that in context, there are proven reserves of 260 billion barrels of oil in Saudi Arabia.”

The extent of the oil reserves within Israeli territory just may end up to be the richest in the world.  Not only will they provide for Israel’s energy needs for decades to come, it also places them in a position to export significant quantities to boost their economy and make them a player in the world’s oil and gas suppliers.

I’ve heard and read where a number of people think that Barack Obama has been courting the friendship of Middle East Muslim nations because of their oil and that in order to accomplish this he has had to dis Israel.  Now that Israel may in fact end up to be the richest oil and natural gas nation in the world, we’ll have to see how Obama reacts and if he changes course with his Middle East foreign policies.  So far, he hasn’t changed and in reality I don’t expect him to as I don’t believe that his Middle East policies have been driven by oil, but by his personal deep Muslim values and his desire to destroy the U.S. as it stands now.  As others have said, that’s my story and I’m sticking to it.