Israel’s Leviathan gas field is scheduled to go on line in 2015. That will provide some relief for Europe and give them a bit of time to find alternatives sources for gas. I have my doubts, though, that Europeans are capable of saving themselves.
The UK, for one, may be sitting on a 400 year supply of gas; however, the Brits are afraid to go tap this source because of global warming. Quite simply, Britain has lost its collective mind. Until the Brussels fascist bureaucracy is sent to hell, along with their eco-Nazi comrades, I think that Europe will stumble from one avoidable crisis to another.
If Israel is energy independent or a net exporter, lots of political equations will change in the M.E.