Israel Has Gas

The latest news (Jan 1, 2011):

Israel strikes it rich with world’s biggest oil find

"Israel energy is set to become fully independent for the first time in history thanks to its recent discovery of the biggest offshore gas field in the world in 10 years.

The find will help to boost the status of the Jewish state as the pre-eminent power source in the Middle East.

Tests were finished yesterday and showed that there was gas totalling approximately 450 billion cubic metres in the Leviathan oil field that is located approximately 130 kilometres from the northern coast of Israel.

The announcement has sent the stock exchange in Tel Aviv skyrocketing to a new record high as claims were made that the gas in the new oil field could well be worth around $US 95 billion

A severe lack of natural resources in Israel has always been a problem for the state as it looks to fight a number of wars with its neighbouring Arab states throughout the last 50 years. The new find may change all of this and put Israel in the position of a major energy exporter." -more

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