Great news! Ch'ai y'Israel! (I'm not Jewish, but
I'm mainly pro-Israel).

So here's my two cents, being a long follower of not only the region and its history, but the politics and implications. The very first thing I noticed was the geography of the find: the contested Golan Heights. For those who do not know, the Golan is THE military backstop guarding the northern and eastern approaches into Israel from Syria. The Heights provide a tremendous advantage on defense - especially when air superiority is completely owned by Israel. If oil is really found there, the Muslim nations will surely figure this into their political and military discussions. It also throws tremendous weight behind the Israelis in parliament who are adamant about maintaining all currently "disputed" territories - the Golan was won from Syria in the 1967 war but even 50 years of ownership and defense hasn't quelled the cries from Arabs over a "return to pre-1967 borders". Israel has flat-out denied this every time it has come up.

The other thing this does is put Israel in a much better position energy-wise. Currently, they have to pipe in their power and oil through several non-friendly territories. From a military perspective, Israel could be put under siege quite easily simply by cutting off current energy routes. I think the number is that some 60% of their energy has to be imported. For a nation almost perpetually engaged in military conflict by incursion from its neighbors, this has to give them some hope of autonomy for the future.

and yet they are so afraid that we might want to use our
2nd amendment against them. . . . they keep on trying to wipe it out!!! -- j
.

It's not a conspiracy theory when it's the plain truth. The government is and always has been my enemy because I am a producer.

that's the idea -- they keep you off balance, so that they can
trample on your freedoms, property, money, body ... whenever
they wish. . and I'm not generally a conspiracy theorist -- I'm just
right, like Rush and Levin....... -- j
.

it's like the idea that your income is theirs, and you get to keep
what they wish -- not the other way around. -- j
.

That's a Long List, johnpe! We who lease our land from the government (and they call it property taxes) understand this well.

Jan

That black gold is in a contested area and threatens the status quo...including Russia.

Now I hear that China is involved in the middle east too.

This seems to have been planned.
I heard about it 3 years ago but now with the oil find by Israel, these events definitely puts a kink in the scheme.

some people just can't get over the idea that your land is theirs. -- j
.

Yes, but they do seem to be going to town.

"... over 200 oil rigs running and more than 2100 wells being drilled per year, North Dakota is poised to take over Alaska as the second largest oil producing state in the country."

I don't know much about the petroleum industry, Salty, but even within the constraints they are dealing with, they are making a difference in oil production.

Jan

I just looked up the Bakken Oil fields. "With over 200 oil rigs running and more than 2100 wells being drilled per year, North Dakota is poised to take over Alaska as the second largest oil producing state in the country. " They seem to be producing about half a million barrels of oil per day.

I think that constitutes "drilling".

Jan

Holy Poop!
If the oil is high quality and vast quantity, it will turn the Middle East upside down. Look for Syria and many terrorist organizations to lay claim to it. Israel is currently in a state of sped-up terrorist activity that has largely gone unreported by the so-called mainstream press. Can this be related to the discovery?

I am glad that this is happening. . Israel gets so many
tough breaks from the internations that it's good to see
a lucky break!!! -- j
.

In a free market there is a tendency toward the establishment of a uniform price for the same good throughout the world.

Reisman, George (2012-08-20). The Government Against the Economy (Kindle Locations 717-718). TJS Books, Laguna Hills, California. Kindle Edition.

Which means price will tend toward the costs of production as supply increases and competitors come online.

There are also new natural gas finds in Israeli controlled offshore areas, so this does make them energy independent when these resources are developed. If production is high enough, sales to Europe could help tip the balance more in Israel's favor there.

Hay 0 put this news in your ear and stick it.
If Iran wants to stop Israel they will make teran look like the moon.

If I recall correctly, this company was purchased by Howard Jonas and later became a spin off of IDT telecom (which held many patents on VOIP) some years ago.