SOVEREIGNTY | ENERGY | We owe China. China owns us? American energy independence needs permission from Beijing?


Energy independence has been a goal of America ever since OPEC stiffed
us in 1973.

We’ve botched seeking and adopting energy independent policies every
since. Miserably.

Now that we are hurting for $$$ we look to those that have $$$.

Hello, China!

In Texas capitalism and profit generally come before all else. Remember Enron?

China is now trying to stake a claim to our natural resources — they
are being the good capitalists that we love so much: $$$ follow the
most efficient path of economic resource allocation and growth for
jobs, blah, blah, blah.

Oops! Almost forgot that I am a conservative.

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China stakes claim to S. Texas oil, gas
By Monica Hatcher – Houston Chronicle
Web Posted: 10/12/2010 12:48 AM CDT

State-owned Chinese energy giant CNOOC is buying a multibillion-dollar
stake in 600,000 acres of South Texas oil and gas fields, potentially
testing the political waters for further expansion into U.S. energy
reserves.

With the announcement Monday that it would pay up to $2.2 billion for
a one-third stake in Chesapeake Energy assets, CNOOC lays claim to a
share of properties that eventually could produce up to half a million
barrels a day of oil equivalent.

It also might pick up some American know-how about tapping the
hard-to-get deposits trapped in dense shale rock formations, analysts
said.

As part of the deal, the largest purchase of an interest in U.S.
energy assets by a Chinese company, CNOOC has agreed to pay about $1.1
billion for a chunk of Chesapeake’s assets in the Eagle Ford, a broad
oil and gas formation that runs largely from southwest of San Antonio
to the Mexican border.

CNOOC also will provide up to $1.1 billion more to cover drilling costs.

READ STORY http://www.mysanantonio.com/business/local/China_stakes_claim_to_S_Texas_oil_gas_104753969.html

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Bill Golden is Bill4DogCatcher.com — an independent, conservative
observer of American politics, economics, trends and whatever is fish
of the day. Please join in the conversation online at
http://www.facebook.com/Bill4DogCatcher

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2 Comments

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2 responses to “SOVEREIGNTY | ENERGY | We owe China. China owns us? American energy independence needs permission from Beijing?

  1. well, GM and Chrysler own factories that produce cars in China. Unless some president actually designates energy as a critical resource, then alls fair in globalization.

    But in truth, the economics doesn’t work for them to ship Texas oil to China; the USA imports, not exports crude and refined oil. The likeliehood is they think the purchase is an opportunity for profit – so the real question is why the Chinese have a better sense of our value and long-term prosperity than we do!!

  2. I welcome China’s investment and encourage American countries to invest overseas. The more we own of “each other”, the less inclined to harm one another. Take down the borders and cash the checks… it’s the road to the long term peace and prosperity that everyone seeks.

    It’s the long view that will make things better for our grandchildren…

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