After finding huge quantities of natural gas of the Haifa coast, not only will Israel be energy independent by 2012, but Israel will also be a major exporter of natural gas.

According to Ynet: “Countries that are likely to make use of Israeli gas include Georgia, that is currently dependant on a Russian gas supply despite the hostile relations between the two nations, Cyprus that has a similar problem since it is dependant on gas from Turkey, and Italy and Greece.

“The discovery of Israeli gas is a national holiday for all citizens of the State of Israel. After two of our drillings in the same area were successful and turned out to be commercial discoveries, it is probable, and we are hopeful, that the natural gas potential in areas that we have rights over, off the shores of Israel and Cyprus, seems to be monumental.”

This is huge for Israel. Add to a vibrant hi tech industry and now a vibrant energy industry should help spur domestic economic gowth for many years o come.

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