Analysts expect few political or regulatory hurdles to the deal which I suppose means that no one in the Federal government thought that maybe the state-owned Chinese company might use these energy assets for their military. The company is said to increase its rig count in South Texas from 10 rigs to about 40 by the end of 2012. The Americans will be selling off its natural riches, in addition to hampering American companies with regulations, who would otherwise profit from the reserves, all in the hopes of raising cash, creating jobs, and finally getting the opportunity to buy back energy products that originally were the natural resources of the Americans.
Energy consumption in the world’s most populous nation has doubled in less than a decade, and the International Energy Agency reported in July that China surpassed the U.S. in total energy used in 2009.
China has poured some $20 billion in loans and direct investments into Brazil’s offshore oil exploration and production, for example. And last spring, the Chinese government loaned $20 billion to Venezuela to develop oil fields in its Orinoco River basin, with much of the work awarded to Chinese companies.All this comes on the heels of an Obama-appointed 7 October panel statement which concluded that the Obama administration was slow to ramp up its response to the Gulf of Mexico oil spill, then overreacted as public criticism turned the disaster into a political liability. The staff of a special commission investigating the disaster stated their conclusions in four papers issued by the National Commission on the BP Deepwater Horizon Oil Spill and Offshore Drilling.
Obama benefited his pal George Soros by outsourcing American jobs to Brazil.
Posts
