Sunday October 8, 2006

I've Been Thinking:

Oil in Israel - nobody ever thought it would happen.
Until now.
The recent announcement that Israel did strike oil is, however, a mixed blessing.

Ginko Oil Exploration Company is convinced that they will discover more wells near their current find at the Dead Sea.
So far, Ginko predicts that the reserves they discovered will yield 100-150 barrels per day.
Putting it all in perspective, Saudi Arabia, the largest producer of oil in the world, produces 9 million barrels a day.
Comparatively, this is only a drop in the bucket.

Dead Sea oil will probably not turn Israel into a rich country or make Israel internationally indispensable.
But if this oil find allows Israel to be independent in terms of energy needs and frees Israel from relying on the good graces and high prices of sworn enemies, that's certainly good enough.