Israeli oil shale discovery could rival Saudi Arabia oil reserves
Thursday, January 5th, 2012
The middle east has typically dominated oil productions with countries like Saudi Arabia, Iran, Iraq, Kuwait and Bahrain. A country like Israel is typically at the mercy of market prices as well as local political tensions in regards to its energy security. Israel is a net importer of oil with most of its fuel imported from foreign sources with most Israeli news indicating a shifting focus of alternative energy technologies.
CBN has reported from BEIT SHEMESH in Israel that potentially large deposits of shale oil have been discovered. While they are not first country to have large shale oil deposits such as the United States, for its own energy security it could be a boon.
Although environmental tests and methods need to be evalauted to safely extract the oil, it is estimated that at one location there is approximately 40 billion barrels worth, with a potential of 250 billion barrels in Israel.
Article by James Jones
The views expressed are the subjective opinion of the article's author and not of FinancialAdvisory.com
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