Delek Group said that it revenues in 2011 were NIS 59.2 billion, a 38% increase compared with NIS 42.8 billion in 2010.
Net income in 2011 totaled NIS 2.6 billion, a 53% increase compared with net income of NIS 1.7 billion in 2010.
Operating profit in 2011 totaled NIS 1.6 billion, a 32% increase compared with NIS 1.2 billion in 2010. Continue reading
In a story that’s breaking all over the internet, the U.S. has deployed troops to Israel in a joint exercise and “deployment.” The U.S. has also sent several anti-missile ships to the Strait of Hormuz in what many are calling a prelude to war with Iran. At the same time Israel is conducting the largest civilian drill in its history, specifically training the population to deal with missile attacks, and chemical and biological weapon threats.
Iran has pledged to close the strait of Hormuz to all shipping traffic. 1/4 of the world’s oil supply passes through the Strait of Hormuz every day. As little as three years ago 1/3 of the world’s oil supply passed through the Strait, but thanks to hydraulic fracturing and horizontal drilling, the U.S. has seen sharp increases in its own domestic oil production. This would lessen the impact of closure of the waterway, but the effects would still be severe, especially in the short term.
In addition to targeting commercial shipping with anti-ship missiles, the Iranians could also target Saudi oil production facilities. They have also pledged to attack Israel. Any retaliation by Israel could spark a massive war in the region, crippling an already weakened world economy. It has been predicted that any news of a war with Iran would immediately send oil to $175 per barrel, with $300-$500 per barrel possible if the conflict widens.
Global strategy experts have argued for years that war with Iran is ultimately unavoidable because the regime in Tehran refuses to abandon their nuclear weapons development program.
National Defense magazine estimated that a 30 day closure of the Strait of Hormuz would knock $85 billion off U.S. gdp. If the U.S. could cut it’s oil use by 30% then that number would drop to virtually zero.
The continued use of safe and effective technologies like horizontal drilling and hydraulic fracturing has dramatically increased the supply of oil available domestically and can continue to do so, but that might not be enough to get the United States where we need to be as far as energy security.
Alternative energies like solar and wind can certainly be helpful in diminishing oil’s role in our energy economy but they are not enough. Improved battery technology promises to make electric cars more useful with longer ranges, however battery life is severely reduced in the very cold winters that we have in the upper Midwest, and heating and cooling the vehicle also dramatically reduce driving range.
Natural gas as a motor fuel is really the only option for us right now. The immediate and aggressive promotion of natural gas vehicle technology would greatly reduce the economic impact of a war with Iran.