Author Topic: News Article | No Oil for Israel  (Read 495 times)

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News Article | No Oil for Israel
« on: March 06, 2013, 05:21:38 PM »
No Oil for Israel

Israel Mines for Natural Gas        
       


   
           
                     
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Israeli Prime Minister Golda Meir once said that the only thing the Jews have against Moses is that he ?brought us to the one spot in the Middle East that has no oil!? Israel has always been the barren state, but recent excavations of natural gas and the presence of large shale oil deposits promise to change Israeli energy policy. The consequences of an energy independent Israel are profound, but may not be entirely good for the Middle East. 

Israel produces much less oil and natural gas than it consumes and has historically been dependent on its Arab neighbors to supply these energy resources. Israel?s small size and barren history make the possibility of an energy-exporting Israel a game-changer in the region. Consider this: today, Israel consumes about 200 billion cubic feet of natural gas per year. It is estimated that the sum total of natural gas that is available to Israel across all excavation sites stands at 24 trillion cubic feet. Not only does such a figure provide tremendous energy security, but it also means that Israel can become a global exporter and energy player. 
Israel is also estimated to have 250 billion barrels of shale oil, a substitute for crude that is notoriously difficult to extract. Extraction of shale oil is often done through fracking, a process whose adverse environmental effects are well-known, though hotly contested. Israeli scientists have potentially made a breakthrough in this challenge and have developed new methods of extracting shale oil through underground heating. This new method promises less harm to the environment and requires less water use. The impact of Israeli shale oil becoming accessible is tremendous. To provide some prospective, proven Saudi Arabian oil reserves amount to 260 billion barrels, not much above Israel?s estimated shale deposits. 


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Israeli natural gas is sure to have a more immediate impact on Israeli energy policy than oil will, since the new shale technology is still being refined. There is a clear demand for Israeli natural gas: with eastern Europe clamoring for alternative suppliers of natural gas since the 2009 Russian-Ukrainian conflict, Israel not only has a market, but a distinct geopolitical advantage, in that it is so close to its potential customers. 
Israel?s natural gas excavations in the Mediterranean have not been without controversy, however. In order to effectively excavate, the Jewish state has cooperated with Greek Cyprus in the region and has therefore further deteriorated its relationship with Turkey. The Israeli-Turkish relationship has eroded dramatically in recent years and has resulted in Israel?s loss of a key regional ally and emerging global player. Israeli excavations have also been disputed by Lebanon, which has filed complaints to the United Nations claiming that Israel is encroaching on its maritime border. While the United Nations may have little power to halt Israeli excavations, a bitter relationship with the full spectrum of Lebanese political groups may prove detrimental to Israel?s long-term diplomatic interests and may further isolate the country.
An energy independent Israel has less incentive to avoid isolationism. Less dependent on oil and natural gas imports from its Arab neighbors, Israel would have less interest in providing concessions when negotiating on various regional conflicts. It already is the economic and militaristic superpower of the region, and energy independence would cement this status. The Israeli unwillingness to concede bodes poorly for the Israeli-Palestinian conflict, which is already stalled due to lack of negotiation. 
The domestic effects of oil and natural gas on the Israeli economy may not all be positive either. A quarter of all electricity produced in Israel is made with natural gas and so newfound natural gas supplies will undoubtedly lead to economic growth. However, with money to be made in the energy sector, countries often lose ground in cultivating talent and innovative prowess in their populations. It is by creating a talented and innovative workforce that Israel has become the economic power it is today. Israeli President Shimon Peres and Prime Minister Benjamin Netanyahu have both voiced their long-term goal of moving the West away from an addiction to oil. President Peres argues that this can be done only if Israel offers a model for the West that embraces electric cars on a national level and does away with as many oil-based technologies as possible. With Israeli oil production sure to increase over time, the move away from oil, if more expensive than the conventional alternative, is sure to be politically unpopular with the Israeli public.
Only time will tell how Israeli energy will affect Israel and the region. While sure to increase Israeli economic growth, the presence of Israeli oil and natural gas may have detrimental effects. Indeed, for poorer countries, oil is often a curse in the long run, and not a blessing. Then again, Israel is not by any means a poor country. Maybe Moses led his people to the right spot after all.

Source: No Oil for Israel

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