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China as a country is investing in Canadian oil sands as an alternative to ME oil. Like the US, they are tied to the ME and Russia for their oil. Perhaps we need such a public effort by our government, to prospect for more secure sources.

China is also in Iran, talking with SA and are signing contracts Venezuela. 90% of all known oil reserves were discovered before 1960. A few billion more discovered here and there is nothing when the the world is using 84 million barrels a day. As OPEC countries develop they will need more oil for themselves and will export less as they use more energy. Oil companies are in the energy business and will continue to be so even as supplies of oil decreases. Their huge profits will be invested in alternative energy sources. BP (British Petroleum has already changed it's name to Beyond Petroleum) is leading the way. It just remains to see how successful the energy companies will be.