Oil Find Outside Tel Aviv: A Blessing or Ecological Nightmare?

Extracting large amounts of oil in an energy poor country like Israel, except possibly for solar energy and the new natural gas fields being developed in the Eastern Mediterranean, seems like a godsend in light of rising oil prices and scarcer amounts of the stuff. As we pointed out in Globes a Givot Olam company spokesman was quoted as saying:

“Yesterday between 10 and 11 pm, during drilling in the Mohila strata, more than 60% gas was measured in the drill mud, together with significant quantities of oil.”

This kind of announcement, made to the often bullish TASE (Tel Aviv Stocke Exchange), is enough to get local people flocking to their banks and stock brokers to buy up as many Givat Olam shares or share options as possible, with the idea of making a killing before reality sets in and it turns out that not as much “Texas Tea” is really down there in the 4,000 plus meters deep Mohila strata layer of the earth’s crust, where the oil is said to have a “40% chance of being found.”

Dr. Michael Gadosh of the Geophysical Institute of Israel put a word of caution into the outcome of the project by saying that: