“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,”
The UNCTAD report focusses on the impoverishment of the Palestinian population: “Falling per capita income and worsening depression-level unemployment”
It also examines in length how Israel took control of Palestine’s offshore oil and natural gas reserves in derogation of both Israeli and international law.
This constitutes an act of outright theft by Israel of billions of dollars of revenue, which is barely acknowledged by the Western media.
Below are selected excerpts of the UNCTAD Report pertaining to the theft of oil and gas revenues (emphasis added by Global Research):
Studies by geologists and natural resources economists have separately confirmed that the Occupied Palestinian Territory lies above considerable reservoirs of oil and natural gas wealth off the coast of Gaza and in the West Bank. Within this context,