We are nowhere near the end of oil reserves. The globe consumes about 21-24 billion of barrels a year. Saudi has 260 billion in reserves. Canada's Tar Sands, a lower grade crude to be sure and more expensive to extract about 500 billion in proven reserves. Russia has over 200 billion barrels. The US some 200 billion just in shale oil deposits. Iraq about 150 billion. Brazil's Atlantic Shelf possesses 200 billion. And now Israel has discovered shale deposits which constitute some 260 billion of potential oil reserves. As technology improves and our ability to employ new techniques in drilling and refining progress, the world's total oil reserves will stretch into the many trillions of barrels. Most likely the world has some 250 years or more of oil which can be mined and used.

Most importantly for Israel, this shale find will change the balance of power for the Jewish state. It will allow Israel to collect billions more in revenues thus augmenting an already dynamic economy, solid infrastructure and powerful military. It will relieve it of the need for Russian oil – supplies which are cut off in times of conflict with Islamic militants and organizations dedicated to its destruction. This wealth will give it more independence and freedom of action. All of this is positive.

“The World Energy Council estimates Israel's shale deposits, located some 30 miles southwest of Jerusalem, could ultimately yield as many as 250 billion barrels of oil. For purposes of comparison, Saudi Arabia has proven reserves of 260 billion barrels. The United States consumes about seven billion barrels a year.

Israel currently imports nearly all of its oil by tanker, mainly from Russia and the former Soviet republics. Those imports were abruptly cut off during the 2006 war with Hezbollah, which brought the country perilously close to running out of fuel. More recently, there has been talk in Egypt of raising the price on its natural-gas supplies to Israel and perhaps cutting it off entirely. Energy independence may be a chimera for the U.S. For Israel, some measure of independence is a strategic imperative.

As for the rest of the world, it is steadily depleting its reserves of conventional oil even as demand continues to skyrocket. Biodiesels and other enviro-fads will not make up the shortfall. But unconventionals could, provided we get over our hypochondria about exploiting them and our illusions about downside-free sources of energy. At least there's no question about where the shale deposits lie.”

It is just a matter of extracting this resource which should proceed in haste in the near future.