Oil in abundance is very necessary for military mobility. It has often been the case (and will be) that he who has the oil, wins.
Give me a break. You're not going to improve our national security by preventing them from buying stuff from America. They can get oil from thousands of different places. You're not going to stop them from getting oil. Let the stockholders sell their oil for the highest price they can get, and if that is to the Chinese, then so be it.
In general, whether they are from China or from Denmark, will we allow a government owned monopoly from another country buy a US firm? To me, doing so would let foreign socialism intrude directly into our economy. On that basis, at a minumum, I must vehemently oppose this! (Analogously, would we let PEMEX buy something here?).
They should put a stipulation in the deal to make China stop pegging their currency to the dollar in return for letting the deal go through. It's a steep price, but if they want to stand on their own 2 feet and have the resources to do it they should have the responsibility for maintaining their own economy like everyone else and stop leeching off of us.
The good news is if they DO buy Unocal, the Chinese governemnt can take your home and build a refinery on it.
This seems eerily similar to the issues surrounding our boarders (sovereignty/national security). If Pres. Bush lets this go through, he may as well join the Democratic Party.
You better believe it's a security issue.
China is thirty for oil.
They can easily divert the oil from here to China and leave us high and dry.