With its oil treasure, Israel gets a shield from tyranny

Globe and Mail reports:

The London-based World Energy Council says Israel’s Shfela Basin, a half-hour drive south of Jerusalem, holds 250 billion barrels of recoverable shale oil, possibly making the energy-vulnerable country (as expressed by The Wall Street Journal) “the world’s newest energy giant.” With reserves of 260 billion barrels, Saudi Arabia would remain the world’s No. 1 oil country – though not, perhaps, for long. Howard Jonas, CEO of U.S.-based IDT Corp., the company that owns the Shfela Basin concession, says there is much more oil under Israel than under Saudi Arabia: Perhaps, he says, twice as much.

Even with a mere 250 billion barrels, the Shfela Basin (or 238 square kilometres of it) would make Israel the third-largest holder of shale reserves in the world – right behind the U.S. with 1.5 trillion barrels and China with 355 billion barrels. Assuming for the moment that Mr. Jonas is correct in his calculations, the U.S. and Israel would together hold shale reserves in excess of two trillion barrels: Enough oil to fuel these two countries (at combined consumption of eight billion barrels a year) for more than 200 years.

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