every few years somebody (usually american businessman) touts some new oil or gas finding in Israel and looks for funding. So far only the businessmen have gotten rich..
Pretty much. There are some minor oil/gas fields in/around Israel, with some production, in the high teens of thousands of barrels.
There are certainly oil-bearing formations in the area, but the problem is they are “tight” — the rock lacks permiability, so the oil doesn’t flow to the welbore.
There have been dramatic technological increases in fracturing technology, however, that may make these fields much more productive.