The ownership of a substantial portion of American oil and gas production by an agency of a foreign government is unacceptable, even were it a historically friendly nation like Britain. The fact that the ownership will be that of China makes the threat even worse. Congress should act to prohibit the deal, the sooner the better.
That's the key. The "firm" courting UNOCAL is not a firm, it is a government owned monopoly. Therein lies the fatal flaw (for Western countries) in the WTO. The WTO presumes that all commerce will be in the private sector and will only involve private sector players. What happens to the brilliant WTO model when there are government owned monopolies on the playing field?