Egypt Cuts Oil Prices to Israel
Menu JTA Search

Egypt Cuts Oil Prices to Israel

Download PDF for this date

Egypt, which supplies Israel with one quarter of its oil, has reduced prices by approximately 25 percent, thus saving the Treasury over $50 million a year.

Effective Monday, Israel will pay $8.75 for a barrel of heavy crude oil, down from $12.10; and $10.75 for light crude, down from $13.25. “A reduction of every dollar in the price of an oil barrel means a savings of $50 million a year,” Energy Minister Moshe Shahal said in a radio interview. He said he hoped the price cut will be passed on to consumers immediately after the Passover holiday.

Founding Funders

The digitization of the JTA Archive would not have been possible without the generous support of the following donors:
  • The Gottesman Fund
  • Righteous Persons Foundation
  • Charles H. Revson Foundation
  • Elisa Spungen Bildner and Robert Bildner, in honor of Norma Spungen
  • George S. Blumenthal
  • Grace and Scott Offen Charitable Fund