Shocks, sheikhs and shale

07 January, 2015

The price of oil peaked at $145 a barrel in July 2008 and is now below $50.  The cause: Saudi oil sheikhs refuse to slash production to stabilize prices, while American shale production soars. 

This provides background for controversy over Israel’s natural gas resources;  Antitrust Commissioner David Gilo announced he is rescinding an agreement that effectively gave Noble and Delek a monopoly on gas production from the Tamar and Leviathan fields.  Experts believe Israel should explore converting natural gas to the equivalent of crude oil.

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