Did Obama push Canada into China's arms by rejecting the Keystone Pipeline? (Duh.)

Yahoo ^ | 7/25/12

[Libloather]

Did Obama push Canada into China's arms by rejecting the Keystone Pipeline?
By The Week's Editorial Staff | The Week – 10 hrs ago

China is in the process of acquiring a stake in Canada's valuable Alberta oil sands, months after Obama suspended a plan to invest in the region

Has China swooped in to claim a prize the U.S. forfeited? This week, China's state-run energy giant CNOOC announced that it was buying Canadian oil producer Nexen for $15 billion, the largest-ever acquisition by a Chinese company. The deal would give China control over Nexen's oil sands operations in the Canadian province of Alberta (among other Nexen oil properties around the world), a huge win for the energy-hungry nation. The purchase still needs to be approved by Canada's parliament, which has blocked foreign takeovers of domestic businesses in the past. However, analysts say the odds look good, partly because oil-rich Canada has been forced to turn to other investors after President Obama suspended the Keystone Pipeline, a massive project that would have delivered oil from Alberta to the Gulf Coast, over environmental concerns. Did Obama push Canada into China's arms?

[Libloather]

Did you expect anything less from Hussein?

How about that ---> China-Canada oil deal shows more U.S. drilling needed: senator

[marron]

Right. This way, even if we do build Keystone, we’re buying the oil from China.

[Cringing Negativism Network]

RANT ON

China does not trade fairly. China EXPORTS.

We have allowed China to stack the deck, and continue to provide the market to China, meanwhile. China wins on all sides.

This has backfired terribly. China now enjoys massive profits, and we slowly sink into the earth.

We must turn this around, and soon.

/rant

[marron]

All true.

And all we’d have to do to cut the value of their investment in half is drill, baby, drill. Build the Keystone to Bakken by way of the oil shale lands and fill it with our own oil.

If only.

[Travis McGee]

[familyop]

Well, the whole ruling political class pushed us into the arms of China, too. Looks like we’re all in the same boat. [Little facetiousness there, as we in the USA are aiming more at selling our country to China in return for current debt and lack of willingness to allow American men to manufacture. And not only China is producing in Asia.]

[lentulusgracchus]

Barry seems to have sold Shell the idea they need to kiss up to the Chicoms:

http://tinyurl.com/dy5rx5e

I was looking for a story on Rigzone to see how much of the Athabaska Tar Sands project Nexen controlled, and found this along the way.

[lentulusgracchus]

Here’s another story that may have had something to do with CNOOC’s sudden fascination with Nexen:

http://tinyurl.com/7oz78yx

Nexen’s in a project that just discovered a new oil-sands production technique that may be a breakthrough technology with worldwide application.

[lentulusgracchus]

ONGC, a big Indian company, has shown interest in acquiring more Canadian Tar Sands assets: See this deal with ConocoPhillips Canada:

http://tinyurl.com/cmqwvu8

Notice especially the comments about competing Chinese acquisitions, and their large and accelerating investment level in Canada.

The article linked above (see my last) also mentioned that the Nexen deal will locate CNOOC’s New World HQ in Calgary. Does that sound like a commitment to economic penetration of Canada? (Remember, there’s a very large Chinese expat community in Vancouver now.)

[familyop]

Thank you. Enough diversified Chinese investments in Canada and purchases of commodities from Canada might help Canada in the near future. It doesn’t appear that we’ll be buying much from up there after, for example, a bond collapse.