Actual production is still minuscule, but evidence is accumulating that the Promised Land, from a natural resource point of view, could be an El Dorado: inch for inch the most valuable and energy rich country anywhere in the world. If this turns out to be true, a lot of things are going to change, and some of those changes are already underway.One impact of Israel's predicted oil reserves are new partnerships, actual and potential:
- Israel and Canada have just signed an agreement to explore and develop Israel's shale oil reserves
- Israel and Russian company Gazprom will cooperate on gas extraction
- Rome may want to deal with the more dependable Israel for its energy needs instead of Iran
- India may want to turn to Israel, just as it has in other agreements
Yet the bottom line is that as Arab production drops and Israeli oil production increases:
- We may expect to see Arab influence start to decline
- World interest in events in the Middle East, barring a nuclear race, will drop
- Turkey, where Erdogan has made a point of increasing tensions with Israel, may miss their old friend and their desire to be a major player in the area will suffer a setback.
- The Israel-US relationship may change as well, since with new friends Israel will be less dependent on the US and the whims of its presidents, and a more valuable ally.
The fact that the future of an oil-producing Israel go way beyond issues of improved economics to real game-changing possibilities is exciting. We may find that without the power and threat of Arab oil, the UN may actually become again something useful.
Hat tip: Instapundit
Technorati Tag: Israel and Russia and Turkey and Erdogan