Obama Lets Chinese Own U.S. Energy Resources

Red China flag SC Obama Lets Chinese Own U.S. Energy Resources

NEW YORK – The Obama administration is quietly allowing China to acquire major ownership interests in oil and natural gas resources across the U.S.

The decision to allow China to compete for U.S. oil and natural gas resources appears to stem from a need to keep Beijing economically interested in lending to the U.S. The Obama administration has run $1-trillion-plus annual federal budget deficits since taking office that likely will continue in the second term.

Allowing China to have equity interests in U.S. energy production is a reversal of the Bush administration’s policy. In 2005, the Bush administration blocked China on grounds of national security from an $18.4 billion deal to purchase California-based Unocal Corp.

As WND reported Monday, Beijing has been developing a proposal in which real estate on American soil owned by China would be set up as “development zones” to establish Chinese-owned businesses and bring in its citizens to the U.S. to work.

China leased first oil rights in Texas

China’s first major move into the U.S. oil and natural gas market can be traced to October 2009, when the state-owned Chinese energy giant CNOOC bought a multi-million dollar stake in 600,000 acres of South Texas oil and gas fields.

Read More at WND . By Jerome R. Corsi.

Photo Credit: johntrathome (Creative Commons)

1 comment to Obama Lets Chinese Own U.S. Energy Resources

  • S Rubicon

    So! Now we know what all that debt really means. Apparently, America must "submit" to demands to allow foreign national interests to seize not only power, but our natural resource wealth as well. This is the price of all that borrowing Mr.! And for the uninformed, it will not stop here as more & more demands are placed against the best interests of the American public, the republic itself may falter into collapse! Boy are we in trouble, since the current crop of liberal controlling politicians thinks they can borrow & spend our way out of the economic crisis we have been guided into these past four years. A program that has never worked, surely will this time, is apparently the logic of our liberal friends.