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This paper investigates the relationship between the global oil price and Israel economy based on a quarterly time series data from 1988:Q3 to 2013:Q4, using the method of Vector Error Correction Model (VECM) by using a number of lags for six endogenous variables and a dummy variable. The results show that there is no significant impact of oil price shocks on Israel GDP. It's found that the global oil price is exogenous to Israeli economy and that Israel is not materially affected by oil prices and the economy is not affected in times of rising oil prices
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