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.
