By Micah Halpern
I've Been Thinking:
Israel has refused to pay Egypt the new adjusted natural gas prices they are asking. Now Egypt is refusing to deliver the natural gas.
Since the ouster of Mubarak, the new Egypt has upped the price of natural gas for Israel. They also demanded more money from Spain and
Spain capitulated and agreed to the price.
Israel has threatened to take the dispute to international arbitration. The Egyptians are not afraid because the precedent was set when Spain agreed to pay the higher price.
Egypt feels they are justified in increasing their prices and bringing them come closer in line with the market value.
Egypt claims that the natural resources are theirs and that they can increase the prices whenever they deem it necessary.
Israel countered that a treaty and a deal were both mutually agreed upon. The treaty should not be abrogated and the price of natural gas should not rise.
Micah@MicahHalpern.com
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