Dinu Patriciu Eurasia Center Nonresident Senior Fellow David Merkel writes for Real Clear World on the potential for an oil discovery in Israel:
The fall in oil prices over the last several months carries significance far beyond the low prices American commuters are paying at the pump. Low oil prices serve Western strategic interests by starving some of the most troublesome actors in the world of their major source of revenue – countries such as Iran, the leading state sponsor of terrorism, and Russia, which attacks its neighbors and uses its energy might to blackmail Europe.
One cause of the drop in oil prices is the technological advances that have enabled Western countries such as the United States and Canada to dramatically increase their domestic oil production. Now the global oil supply appears set to get a boost from a new and improbable player in the oil business: Israel.