Jerusalem (Platts)–13Nov2013/326 am EST/826 GMT Israel’s Prime Minister Benjamin Netanyahu has called for a concerted effort by Western countries to reduce their dependency on oil in the transportation sector. Speaking at an alternative energy conference in Tel Aviv Tuesday evening, the Israeli leader said that oil remains a tremendous source of international instability. He added that oil acts as a weight holding down economic development. In 2011, the government had approved a $420 million 10-year program aimed at sharply reducing oil consumption in the country’s transportation sector, Platts previously reported. The funds were to be allocated for research and development of alternative fuels. They would not focus on an individual technology, but will make funds available to a wide range of ventures. Article continues below… Request a free trial of: Oilgram News Oilgram News Oilgram News brings you fast-breaking global petroleum and gas news on and including: Industry players, […]