How Israel Steals Palestine’s Offshore Oil and Gas Revenues. Outright Theft. Billions of Dollars Stolen – Global ResearchGlobal Research – Centre for Research on Globalization
“In 2018 and early 2019, the performance of the Palestinian economy and humanitarian conditions reached an all-time low. Per capita income fell, mass unemployment increased, poverty deepened and the environmental toll of occupation has been rising in both the Gaza Strip and the West Bank.
The Palestinian people are denied the right to exploit oil and natural gas resources and thereby deprived of billions of dollars in revenue.
The international community should help the Palestinian people to secure their right to oil and gas in the Occupied Palestinian Territory and ascertain their legitimate share in the natural resources collectively owned by several neighbouring States in the region.
In March 2019, the Government of Israel started to deduct $11.5 million monthly (equivalent to $138 million annually) from Palestinian clearance revenues.
The Palestinian National Authority responded that it would not accept anything less than the full amount of its rightful clearance revenues, which represent two thirds of Palestinian fiscal revenue. This fiscal shock is compounded by declining donor support.
UNCTAD continues to respond positively to the needs of the Palestinian people. However, securing extrabudgetary resources remains critical to fulfilling the requests in the Nairobi Maafikiano and in General Assembly resolutions for UNCTAD to report on the economic costs of occupation for the Palestinian people,”
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