The punch line to a joke that’s been told by generation of Jews soon will need to be changed.

“Let me tell you something that we Israelis have against Moses. He took us 40 years through the desert in order to bring us to the one spot in the Middle East that has no oil!”

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This joke was made famous by Golda Meir, the former prime minister of Israel, and for many years held a lot of truth. The lack of oil and natural gas is seen as one of the main reasons Israel has become one of the world’s leaders in technology, green energy and health science.

But with the recent findings of the Tamar and Leviathan natural gas reserves off its waters, Israel has a future as an energy independent country. By why stop there? Some believe that Israel could become one of the world’s leading oil producers.

Such is the plan of Harold Vinegar and his colleagues. Dr. Vinegar, the former chief scientist of Royal Dutch Shell, and current chief scientist at Israel Energy Initiatives (IEI), believes that with Israel’s oil shale deposits, this could be reality.

IEI is working on an ambitious project to extract oil and natural gas from oil shale from a 238 sq km area off the Shfela Basin, southwest of Jerusalem.

As the price of conventional sources of petroleum has risen, oil shale has gained attention as an energy source, and as a way for some areas to secure independence from external suppliers of energy. However, oil shale mining does raise a number of environmental concerns due to it being very water intensive, and a high producer of greenhouse gas emissions. China has a well established oil shale industry and Brazil, Germany and Russia also utilize oil shale.

IEI claims that its technique will be cleaner than those currently being used because the oil will be separated from the shale rock up to 300 meters beneath the ground, therefore greatly minimizing the amount of water being consumed.

According to Dr. Vinegar, Israel has the second-biggest oil shale deposits in the world, outside the United States. “We estimate that there are the equivalent of 250 billion barrels of oil there. To put that in context, there are proven reserves of 260 billion barrels of oil in Saudi Arabia.” he told The Times.

Once operational, IEI estimates that the cost of production of shale oil would be between $34-40 per barrel. This would make it comparable to the current price of $30-40 per barrel for deepwater oilfield and cheaper than Canadian sand oil and crude oil extracted from the Arctic.

The expectations of Tamar and Leviathan have already given Israel a very positive outlook. Should IEI’s claims turn to reality, Israel would become one of the wealthiest countries in the world.

Reprinted with permission from Shalom Life