• 4 minutes England Running Out of Water?
  • 7 minutes Trump to Make Allies Pay More to Host US Bases
  • 10 minutes U.S. Shale Output may Start Dropping Next Year
  • 14 minutes Washington Eyes Crackdown On OPEC
  • 4 hours One Last Warning For The U.S. Shale Patch
  • 9 hours Oil Slips Further From 2019 Highs On Trade Worries
  • 1 day Once Upon A Time... North Korea Abruptly Withdraws Staff From Liaison Office
  • 22 hours Modular Nuclear Reactors
  • 1 day Poll: Will Renewables Save the World?
  • 8 hours Climate change's fingerprints are on U.S. Midwest floods
  • 2 days Chile Tests Floating Solar Farm
  • 7 hours Telsa Sales in Europe
  • 7 hours 3 Pipes: EPIC 900K, CACTUS II 670K, GREY OAKS 800K
  • 8 hours Read: OPEC THREATENED TO KILL US SHALE
  • 4 hours The Political Debacle: Brexit delayed
  • 3 days China's Expansion: Italy Leads Europe Into China’s Embrace
  • 2 days New Rebate For EVs in Canada
U.S. And China Hold Key To Higher Oil Prices

U.S. And China Hold Key To Higher Oil Prices

Crude oil prices continue to…

Is Beijing Losing Its Footing In South China Sea?

Is Beijing Losing Its Footing In South China Sea?

In defiance of Beijing, the…

Loss of Egyptian Natural Gas Supplies Costs Israel $2.68 Million Per Day

The shutdown of Israeli imports of Egyptian natural gas through Egypt's $500 million East Mediterranean Gas Company Ltd. (EMG) pipeline is now costing the Israeli economy an estimated $2.68 million per day.

Following the overthrow of former Egyptian President Hosni Mubarak’s regime in February the pipeline became subject to increasing attacks and is at present completely shuttered since 25 July, forcing the Israeli government to scramble for alternatives.

The Israel Electric Corporation has accordingly increased its use of imported diesel and fuel oil to generate electricity, according to Israel’s Ministry of National Infrastructures which led in July-August to the use of 142,000 tons of diesel, Israel’s Globes business newspaper reported.

According to Ministry of National Infrastructures statistics, Israel Electric Corporation’s consumption of diesel was 103 percent higher in January-August 2011 than in the same period in 2010, primarily because of the cessation of natural gas imports from Egypt. Diesel consumption was 382 percent higher in March than in the corresponding month, 212 percent higher in April, 424 percent higher in July and 78 percent higher than in August.

The Egyptian-Israeli natural gas agreements allowed for Israel to purchase up to 7 billion cubic meters of Egyptian gas annually, which made Israel one of Egypt's most important natural gas export markets.

By. Charles Kennedy, Deputy Editor OilPrice.com



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News