China is telling the United States about Free trade. Seems that pure communism doesn’t pay and they are looking to enter into the world economy. China wants to buy a major US Oil company that incidentally owns the rights to major oil fields in China, and is a little miffed that the US is viewing this as national security issue instead of a plain business deal. Maybe they got used to being able to buy any US technology they wanted, who knows.
"We demand that the U.S. Congress correct its mistaken ways of politicizing economic and trade issues and stop interfering in the normal commercial exchanges between enterprises of the two countries," the Foreign Ministry said in a written statement. "CNOOC's bid to take over the U.S. Unocal company is a normal commercial activity between enterprises and should not fall victim to political interference. The development of economic and trade cooperation between China and the United States conforms to the interests of both sides."
No, it does not. If the trade were balanced it would, but the trade deficit is too out of proportion to be considered fair trade and that is not in the interest of the United States.
If the UNOCAL deal goes through and China does acquire it they will be in a position to control a significant portion of the oil sector of the US economy. This is an issue of National Security and should be treated as such.
We can not let our dependency on oil be further threatened. Like it or not we are too dependant on oil. We should invest in new energy sources but we have to deal with oil until any new technology comes on line.
Would the No-War-for-Oil crowd still be as vocal and passionate about their conviction when gas hits $10 a gallon and farmers can buy fuel for their tractors, truckers can’t pay for diesel to move crops to markets and thousands freeze to death because there is no heating oil to be had?
The bottom line is we can not let anyone threaten our security.
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