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Here is an interesting article from July 2006, which probably explains a lot about the current bombardment of Gaza. The Israelis are attempting to destroy the government of Gaza, controlled by Hamas. Supposedly, it is because of the rockets being fired into Israeli settlements nearby. That may be the surface reason, but there may be a more strategic underlying reason.
It's about the natural gas deposits offshore that are controlled by the Palestinian Authority. The P.A. has apparently made a deal with Egypt to ship the gas there. And the Israelis are becoming dependent upon the Egyptians for their supply of gas.
But if they were to destroy Gaza and annex the territory like they have done with other areas, then the gas deal with Egypt would become irrelevant, and the Israelis could develop the gas fields for themselves and be largely independent of both the P.A. and Egypt as well.
http://electronicintifada.net/v2/article4909.shtml
Perhaps this is one of the real motives for the current conflict.