U.S. For Sale: Obama Lets China Gobble Up U.S. Energy

Inestor's Business Daily ^ | January 31, 2013 | IBD EDITORIALS

[raptor22]

Oil And Politics: Beijing plays the debt card as the Obama administration quietly lets China acquire major ownership interests in oil and natural gas resources across the U.S. at the same time it blocks the Keystone pipeline.

Normally, foreign investment in the U.S. is to be welcomed. It creates jobs, boosts economic growth and promotes trade and exports.

But when that investor is an ambitious and increasingly belligerent China to whom we owe over a trillion dollars, eyebrows and concerns need to be raised.

Reversing a Bush administration policy, the Obama administration is encouraging Beijing to acquire equity interests in U.S. energy. In 2005, the Bush administration blocked China on grounds of national security from buying California-based Unocal Corp. for $18.4 billion.

That was then, and this is now.

The first Chinese investment occurred in October 2010 with the state-owned Chinese energy giant CNOOC buying a multibillion-dollar stake in 600,000 acres of South Texas oil and gas fields. CNOOC announced that it would pay up to $2.2 billion for a one-third stake in Chesapeake Energy assets.

On the surface, this would seem like a badly needed job-creating investment in a beleaguered domestic oil industry. The question then is why isn't our own government not only encouraging such investment but also removing further restrictions on American oil and gas exploration and development?

[aimhigh]

Obama wants US money to support Saudi Arabia’s Jihadist programs.

[Jonty30]

Most of the foreign money in Obamas campaign came from China.

[Diogenesis]

Congress is mute filled with traitors to the American
people. And for only a few bits of silver and
freedom from ObamaCARE/DeathCARE/RomneyCARE.

America is soooooooooooooooo screwed.

[elkfersupper]

Hard for most people to realize that the present President of the United States is more interested in advancing the economies of other nations than he is ours.

Nonetheless, that is the case.

[ronnie raygun]

We sit idley by without a whimper. The people have no representation.

[raptor22]

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[Nachum]

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[palmer]

They have no choice but to dump their soon-to-be-worthless dollars into hard assets like this. It would be stupid to expect them to do otherwise. The only question is how long they play along pretending their investments are not a strategic takeover and then how long they accept dollars at all. I don't think it matters in this particular case whether the Stupid or Evil parties are in power, they are both going to sell our assets to China albeit for different reasons.

[familyop]

A few have advocated that here as a way of paying the foreign debt. It’s been advocated on all kinds of political discussion boards by those whose incomes are dependent on the few who donate much to both political parties.

[353FMG]

Isn’t the GOP supposed to be the antidote to communism/socialism?

[clearcarbon]

The climate here is still too cold for bananas.