Are we insane?!?
Balance and The Free Market
CNOOC’s unsolicited $18.5 billion offer Thursday for Unocal was the most ambitious foreign acquisition attempt yet by a Chinese company. It set up a possible takeover battle with rival bidder Chevron Corp. ( CVX ) amid efforts by Beijing to secure foreign energy supplies for its booming economy, the world’s second-biggest oil consumer.
Seems the CNOOC’s chairman is aptly named: F.U.
"It’s not a business transaction at all,” said C. Richard D’Amato, chairman of the U.S.-China Economic and Security Review Commission, a congressional advisory panel. “This is not a free market deal. This is the Chinese government acquiring energy resources."
Thaaaank You, Richard.
"Substantially all of the oil and gas produced by Unocal in the U.S. will continue to be sold in the U.S.,"
Under ChiCom control!!
"The development of properties in the Gulf of Mexico will provide further supplies of oil and gas for American markets."
So this is in no way related to the ChiCom “loan” to Mexico to built enormous sea ports in the sea of Cortez?
However, it noted that 70 percent of Unocal’s oil and gas reserves are in Asia, and didn’t say what would happen to those resources.
I’ll bet he didn’t say…
Many oil industry experts agreed that security fears were unwarranted and warned that such responses could make it harder for U.S. oil giants to gain the international access they need to grow.
“This is not a company building military aircraft or missile technology. This is energy, at the end of the day,” said Lawrence Goldstein, president of the nonprofit Petroleum Industry Research Foundation in New York.
...which is even more important and dangerous than aircraft or missile tech.
...it would be the “pinnacle of hypocrisy” for the United States to put roadblocks in CNOOC’s way, considering that President George W. Bush and others in his administration have repeatedly scolded Russia for not opening its doors wide enough to U.S. oil companies.
“American companies must expand globally, but if we cut off people from coming into our country other countries will just block our companies from doing the same,” [Oil analyst Fadel Gheit at Oppenheimer & Co] said.
I imagine your perspective might change when your run up against the laser-focus and cold steel of the ChiCom self-interest. You can call them hypocritical and racist and isolationist all day and they’ll smile, nod in agreement and hand you your ass. If you’re lucky.
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