I'll concede to your knowledge on this subject. Seems like we are outsourcing and selling off America, I just hope it doesn't come back to bite us in the ass.
We're buying oil a lot faster than we are selling it, even after taking the Unocal deal into account. The thing to keep in mind about the Unocal deal is that it is the result of market forces. The guys who own Unocal would rather have China's dollars than the oil. Apparently, they think the dollars are worth more than the oil.
Yes, I hope they are right, too, but they are in a much better position than you or I to tell. And it's not like they don't have a choice. China is bidding against an American bidder for Unocal. They were the high bidder. Apparently, the other bidder thinks the price is too high, or they would increase their bid.
"....hope it doesn't come back to bite us in the ass."
It will. "Buying UNOCAL" is not just some neighborhood oil near China......"Unocal (in its entirety) is a WHOLE bunch more.......to behold it, see these hotlinks at the page the blue link below will take you to. Does anyone want China to own and control all of this instead of us?
All About Unocal
Learn about our company, our operations, our plans, and our people.
A snapshot of who we are and what we do.
More than a century of spirit since our founding in 1890
North America Energy Operations
International Energy Operations
Geothermal Energy Operations
Unocal Midstream & Trade
Real Estate, Remediation Services, Mining & Carbon Operations
Delivering Superior Results Through Technology and Innovation (pdf format)
All about Unocal's patents for clean-burning gasoline formulations
http://www.unocal.com/aboutucl/index.htm