Wednesday, April 3, 2013

Natural Gas and Israel’s Future � Commentary Magazine

Natural Gas and Israel’s Future � Commentary Magazine
The opening up of the Tamar field alone will supply 50 to 80 percent of Israel’s natural gas fields in the next decade. But another field, called Leviathan off the country’s northern coast, is far larger. When it is exploited, it will not just lessen Israel’s dependence on energy imports but will turn the country into an exporter. That will dramatically increase its leverage in dealing with a Europe that is in thrall to Russian, Arab and Iranian oil and gas exporters. An economically strong Israel is one that is not so easily isolated. The rise in the value of the shekel in relation to the dollar this week is not due entirely to Tamar and must be credited to low interest rates and the wise fiscal policies of the Netanyahu government. But it is yet another sign that the country that was once a basket case dependent on foreign aid from America and world Jewry in order keep its finances afloat irrespective of defense needs is on its way to becoming a major economic power.