Posted on 07/20/2005 10:02:19 AM PDT by eastforker
Unocal's board of directors has endorsed a sweetened, $17-billion (U.S.) takeover bid from Chevron, rejecting a higher offer from one of China's state-owned oil companies.
Chevron is HQ'd in California.
China worries/scares me more than the terrorists ever do. They can destroy this country in less than a week with our economy so tied to them. We really, really need to get away from the "made in China" thing.
Unocal is not a major source of oil for the US. Most of it's production goes to Thailand, Korea and Japan. And still would have even if CNOOC bought it.
True but chevron money would come much quicker, I think they will accept it.
Chevron is a US company - you're thinking of Citgo.
Much quicker and with no political risk. I think they'll accept it too.
You're confusing them with the Venezuelan state oil company, Citgo.
I'm happy.
You're thinking of Citgo.
Yes. Especially since we can't count on the US govenment to intervene when national security is at stake.
Which brings to mind a point I believe needs to be discussed at length in the US congress. That being, should it even be legal for a [foreign] company that is basically a front for a [hostile] foreign government to aquire ANY US company. Period.
IMO, it should not be so. And the national legislature should be the body dealing with it. Of course, doing that would cause lots of yellow stained pants in the senate.
Good!
And all those people who complained about John D. Rockefeller being a "robber baron" now have to kiss Chevron's feet!
You're confusing them with Citgo. Chevron is one of the few remaining bastions of "Old" California - e.g. cattle ranching, farming, mining, heavy manufacturing and the "awl bidness."
Maybe true; maybe not...when push comes to shove and there is truly a shortage. Or a war.
The Chinese govenment/military should not be given command and control of the routing of such a huge amount of oil.
We shouldn't ever have allowed panama to use China to manage the canal either. Won't ever deny the U.S. use to ti. Will just destroy the locks in the event of a war/conflict with the U.S.
You are not an economist, are you?
No, work in a mortgage department, but if you look at the trade in-balance we have with them, plus the fact that they control something like 200 billion of our national debt, they could wreck us with out ever firing a shot.
If China is going to go to the length of invading Burma or Thailand to get at the gas assets of Unocal out of necessity brought on by a war, I doubt that the minor point of who owns the assets will matter to them.
No they couldn't. They could hurt our economy, but only at the cost of destroying their own.
I guess I am not so sure of that. While it would hurt them for a short period, they have the surplus of money that it would hurt us far worse. I read somewhere that one of their old leaders once said to be patient and bid their time and basically, they'd do us in through other means. Then there was the nut the other day that said if we went to Tawains aid, they'd nuke us.
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