Chinese oil company surpasses Exxon as world’s largest (Obama destroys another US industry)

msnbc ^ | 3/29/2012 | staff

[tobyhill]

Big U.S. oil is not as big as it used to be.

Exxon Mobil has lost its position as the world’s biggest publicly traded producer of oil, according to The Associated Press.

That distinction now belongs to PetroChina, a 13-year-old Chinese company created by the Chinese government to secure more oil for that nation’s booming economy, the report said.

PetroChina announced Thursday that it pumped 2.4 million barrels a day last year, surpassing Exxon by 100,000, the AP reported.

[oyez]

“The company has grown rapidly over the last decade by squeezing more from China's aging oil fields and outspending Western companies to acquire more petroleum reserves in places like Canada, Iraq and Qatar. It's motivated by a need to lock up as much oil as possible,”

USA is investing in slime mold, algae, composting, pinwheels and sunlight reflectors. The American President prohibits investing cash and technology on practical energies.

[Dilbert San Diego]

I sometimes wonder if Chairman Mao is turning in his grave, as we continue to see China embrace capitalism. While these free market reforms in China are benefiting China and their economy, it’s all so counter to Communist ideology. And China is technically still communist.

Some say that economic freedom makes people want political freedom also. You wonder how long China can remain a totalitarian country, with no political freedom by our standards, while continuing down the road towards capitalism.

[BfloGuy]

Big deal. It just takes away another Obama talking point.