The recently discovered oil and gas in the Eastern part of the Mediterranean will not only change the balance sheets of the involved countries, but also the balance of powers towards the side of the US – via Israel:
…And this is what an article in The Globe and Mail suggests:
But one day – count on it – Israel will match Canada in oil exports to the U.S. and thus free its long-time friend from needing to deal with tyrants.
We, in Lebanon, are still yet to confirm the legal internal framework for the whole process, and more likely to have a disputed area with Israel. The Turkish part of Cyprus has threatened today Greek Cyprus that it is entitled to block any sea deal with neighbouring countries (although this was Turkey’s position in 2008 according to Wikileaks).
But in the mean time, and according to the World Energy Council, Israel’s Shfela Basin (south of Jerusalem) holds 250 billion barrels of recoverable shale oil. This will put Israel in the third place in such reserves after the US and China. I recommend reading the above mentioned article in full (The Globe and Mail – thanks Kamal to the link), as it gives a rough estimation on how the US could plug the gap in its energy demand, while Israel is playing a role in that.
It’s probably something for the regional policy makers, dictators and Arab Sheikhdom to take note of...