Back in July, Chinese oil company Cnooc made an 18.5 billion dollar bid for US oil giant Unocal. NPR reported this morning that’s approximately 2 billion more than rival Chevron/Texaco is offering.
Yesterday, volleys in that “possible showdown” were lobbed in the House of Representatives.
Last night C-Span showed elements of the discussion, a portion of which I caught. If I may use the above article to parse the discussions…
A frothy mouthed Pennsylvania Republican Rep echoing Woolsey’s basic sentiments accused most every Chinese action as being militarily motivated as evidenced by development of staged rockets and MIRV research. Jerry Taylor countered than the Chinese oil company probably wasn’t too heavily involved in MIRV research itself and that it’s interests are purely economic. About the only one taking a common sensical, objective viewpoint I could see was the democrat from Arkansas who cautioned that China wasn’t our enemy now but that if we called it one often enough that it probably could become one.
I’m curious if anyone has been following these discussions, either within the context of the House deliberations or regarding the proposed sale on the whole and what their feelings might be - if China is pulling Cnooc’s strings with military/strategic objectives that will haunt us later or if Cnooc’s simply expanding their reserves and Congressional intervention is unwarranted.