Israel Could Become Energy Independent
Thanks to natural-gas deposits near Haifa
Israel could soon be ready to stop importing fuel, as energy companies there increase estimates of the size of a natural gas reserve on the Mediterranean coast near Haifa. Business Week is reporting that the reserve, originally discovered in January, holds a much larger store of natural fuel than originally thought, and the country can expect to begin using gas from this reserve in two years. Traditionally energy-poor, Israel will have paid $5 billion for fuel imports this year alone. Experts say it now looks to have enough fuel to sustain it for at least 20 years, while it undertakes further exploration in the region.
Israel Moves Toward Energy Independence [Business Week]