...Now was that oil found on occupied Lebanese land, Gaza or on Palestinian Territory? 

If this is true then this is also -- at an estimated 250 billion barrels -- the second biggest oil find ever.

It just gets better and better in the middle east doesn't it?

Or perhaps Israel could faithfully lend America a few trillion dollars to help her along with her own economic muddles. 

Not good news for OPEC either. More reason for tension or war in the ME perhaps?

Although this report is, as yet, unconfirmed by any major news agency like Reuters, Associated News, NewsMax or Bloomberg, certain other agencies and sources like Asia Times, The Daily Reckoning and Arutz Sheva -- and Israeli newspaer -- are also running stories on this huge Israeli oil find.

From The Daily Reckoning:

Dear Daily Reckoning Reader,



For the THIRD time this year, Israel's main energy source... Egypt... Has been cut off by saboteurs. 



Leaving Israel struggling to keep the lights on...



Bottom line: Israel needs a new source of energy - and fast. 



Fortunately, it has just discovered one.



According to the World Energy Council, Israel has just discovered what could be the 2nd largest oil discovery in the world... It could ultimately yield as many as 250 billion barrels of oil...worth over $27 trillion. 

 

From Israel National News :

Israel’s Coast May Be Gold Mine of Oil, Says Government Expert

Israel may have the last laugh to the old joke that “Moses took the wrong turn in the desert,” going to a land of sand instead of oil, which may be waiting to be found under the sea, says a government oil expert.

A geological map presented at Hebrew University last week shows that the Levant Basin, which includes the huge Leviathan gas field, may contain large quantities of oil in deep strata.Dr. Yaakov Mimran, outgoing Petroleum Supervisor, said that if the drilling in the Leviathan field uncovers oil, there is a good chance more “black gold” is waiting to be discovered in similar strata, Globes reported.

Mimran’s map indicates that several other offshore exploration licensees are in structures that might contain oil.

Israel also may be sitting on huge shale oil deposits, and the Israeli Energy Initiatives company hopes to launch a pilot project by the end of this year that will lead towards production of 50,000 barrels a day, one-fifth of Israel’s consumption.

Oil shale deposits cover 15 percent of the country, according to estimates of the Infrastructures Ministry, which would place Israel as having one of the largest oil reserves in the world.

The World Energy Council estimates Israel's shale deposits might contain up to 250 billion barrels of oil, almost the same amount of proven oil reserves in Saudi Arabia.