Even With Huge New Oil And Gas Resources, Israel May Face Competition As An Exporter

When news came out about the huge oil and gas reserves available to Israel--with the necessary exploration and technology--it became clear that Israel was on the verge of becoming a major player on the level of Saudi Arabia.

Or maybe not.

Other countries have similar special sources of oil and combined, these countries may effect the market for Israel's oil:

For more than five decades, the world’s oil map has centered on the Middle East. No matter what new energy resources were discovered and developed elsewhere, virtually all forecasts indicated that U.S. reliance on Mideast oil supplies was destined to grow. This seemingly irreversible reality has shaped not only U.S. energy policy and economic policy, but also geopolitics and the entire global economy.

But today, what appeared irreversible is being reversed.
The outline of a new world oil map is emerging, and it is centered not on the Middle East but on the Western Hemisphere. The new energy axis runs from Alberta, Canada, down through North Dakota and South Texas, past a major new discovery off the coast of French Guyana to huge offshore oil deposits found near Brazil.

...The new hemispheric outlook is based on resources that were not seriously in play until recent years — all of them made possible by technological breakthroughs and advances. They are “oil sands” in Canada, “pre-salt” deposits in Brazil and “tight oil” in the United States.

There is no mention made of Israel in the article, and at this point predictions of a new "oil map" are very hypothetical--but while there is plenty of demand for oil and gas, there seems to be the potential for a change in the world of oil.

And if the possibility of distancing themselves from Middle East oil, what are the chances that most countries will jump at the chance to look elsewhere to fulfill their energy needs.

If so, would that effect Israel--and if so, how?

Technorati Tag: Israel.