China on global hunt to quench its thirst for oil

[justinsb]

The San Francisco Chronicle, 26 June 2005 - China's takeover bid for Unocal Corp. makes clear to sticker-shocked Americans that the 1.3 billion Chinese people are demanding an ever-larger supply of the world's energy to fuel their booming economy and are willing to get it wherever necessary.

From Central Asia to Latin America, Africa, the Middle East and even Canada, Chinese firms are pumping oil and natural gas in many areas that the United States was counting on to meet its own record-high demand.

"We need to supply our people, and like every country we need to buy oil from around the world," said Zhou Dadi, director general of the Energy Research Institute, the central government's main policy agency on the subject. "This is part of globalization. It is a strategy of sustainable development. It is part of a historical process."

While China's supply network does not yet rival the global clout of U.S.-based oil corporations, the shift raises concerns of politicians and analysts in the United States and Southeast Asia who see China as a future global giant motivated by the same powerful self-interest as American Big Oil.

China's thirst for energy has been a major factor driving up the international price of oil. Light, sweet crude closed at $59.84 a barrel Friday, the fourth record-high day in a row and a sign that American motorists will feel increasing pain at the pump in coming months.

http://www.sustain-online.org/plugins/DocSearch/details.asp?MenuId=1&ClickMenu=&doOpen=1&type=DocDet&ObjectId=MTU2MDg

[madrchsod]

1. guess what----we could buy unocal-------

but that will never happen,my god,state owned oil company! it would be in our self interest to buy this company.

[The_Casual_Observer]

2. You pay slightly less to buy things at walmart, however

the difference is made up at the gas pump.

[tk2kewl]

3. "It is a strategy of sustainable development."

:crazy:

[paparush]

4. Another DUer made a great point on Friday..

That China can basically use our interest payments on the US debt that China holds to purchase US companies.

We're paying China to buy our country...