The Tyrants of Beijing will not acquire Unocal

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"Chinese energy company CNOOC Ltd. today pulled out of the running for Unocal Corp. after its $18.5-billion bid for the California oil company triggered a U.S. political backlash against China . . . CNOOC, whose parent is government-controlled China National Offshore Oil Corp., withdrew its offer one day after an influential shareholder advisory firm backed Chevron's proposal. Though CNOOC offered to pay $1 billion more than Chevron, Institutional Shareholder Services said the Chinese offer wasn't high enough to offset the political uncertainties surrounding its proposal."

This is a good thing. The United States is dependent on oil for energy. If the oil flow stops, our economy is dead. We cannot let a potentially hostile foreign power control our energy supply. Need I remind you that China is a tyrannical dictatorship with no respect for human rights and with imperialist designs on Taiwan, and some Japanese territory?

On a related matter, we need to develop domestic oil fields. Now. Not ten years from now -- now. At the same time, we need to divert tax funding to alternative energy research and implementation. I still like the idea of a Solar Energy Production Satellite.

posted by The Sovereign Editor | 10:57 AM

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