The Economic Costs of the Israeli Occupation for the Palestinian People: The Unrealized Oil and Natural Gas Potential

UNITED NATIONS: The Economic Costs of the Israeli Occupation for the Palestinian People: The Unrealized Oil and Natural Gas Potential

Geologists and natural resources economists have confirmed that the Occupied Palestinian Territory lies above sizeable reservoirs of oil and natural gas wealth, in Area C of the occupied West Bank and the Mediterranean coast off the Gaza Strip. However, occupation continues to prevent Palestinians from developing their energy fields so as to exploit and benefit from such assets. As such, the Palestinian people have been denied the benefits of using this natural resource to finance socioeconomic development and meet their need for energy. The accumulated losses are estimated in the billions of dollars. The longer Israel prevents Palestinians from exploiting their own oil and natural gas reserves, the greater the opportunity costs and the greater the total costs of the occupation borne by Palestinians become.

This study identifies and assesses existing and potential Palestinian oil and natural gas reserves that could be exploited for the benefit of the Palestinian people, which Israel is either preventing them from exploiting or is exploiting without due regard for international law.