From Judith Levy:
The World Energy Council has determined that about 30 miles southwest of Jerusalem, in the Shfela Basin, there are oil shale deposits with the potential to yield 250 billion barrels of oil. This represents the world’s third-largest quantity of oil shale behind the US and China. Oilprice.com notes that both those countries would consume almost all their own production, so Israel could conceivably become the world’s largest exporter of shale oil.
The map to the left is from the US Geological Survey. The red stars represent oil shale deposits, which as you can see are scattered across sovereign Israel and Jordan. None were detected in the West Bank or Gaza.