[TAquinas]

"Unocal produced less than 500,000 barrels a day in the first quarter. I think we import 12,000,000 barrels a day. They are hardly a major source."

I'm no expert on this issue here.

But in terms of percentage that is a 4% loss, or an additional 4% that needs to be imported. Now, let us assume that we did not lose this 4% and, instead, gained an additional 4% in imported oil. Now the difference is 8%, which I think it's pretty significant. Repeat the scenario and now it becoems crucial.

[Toddsterpatriot]

But in terms of percentage that is a 4% loss, or an additional 4% that needs to be imported.

I said Unocal produced less than 500,000 barrels a day. We do not receive all of Unocal's production. Most of their reserves are in Asia. I suspect most of their Asian production is sold in Asia, although I haven't been able to find any figures. I suspect that if China had purchased Unocal, the US would have "lost" less than 500,000 barrels a day from Unocal.

Now, let us assume that we did not lose this 4% and, instead, gained an additional 4% in imported oil. Now the difference is 8%, which I think it's pretty significant. Repeat the scenario and now it becoems crucial.

Sure, and if that was quadrupled, then we'd be talking about 32%. LOL!

[Toddsterpatriot]

Nearly all Unocal’s current gas and oil output either goes to the countries in which it is produced or is tied up in long-term export contracts. So virtually none is available for sale to China, even if CNOOC takes control of Unocal.

CNOOC Unocal bid as Asian aspect

Just as I suspected, most Asian production stays in Asia.