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Do We Want To Buy Canadian Oil From The Chinese?
IBD ^ | 07/27/2012 | IBD

Posted on 08/02/2012 2:18:19 PM PDT by xzins

Buoyed by White House inaction, China's state-owned oil company has made a multibillion-dollar bid for a Canadian company with interests in Canada's oil sands — North American oil for the lamps of China.

'Do we really want to be buying our oil or Canadian oil back from the Chinese?" asked Sen. John Hoeven on Thursday as he reacted to news that China's state-owned oil company, CNOOC Ltd., had launched a $15.1 billion takeover bid for Canada's Nexen Inc., a company with operations in the Gulf of Mexico.

Our answer would be no. But it may happen, thanks to the Obama administration's indifference to developing energy resources anywhere on the North American continent or building the Keystone XL pipeline linking Alberta's oil-rich sands to refineries on the Gulf Coast.

"This is really a direct result of the administration's resistance to Keystone," Hoeven said. Hoeven, a Republican, represents North Dakota, where oil production is booming. The pipeline would carry some of that oil to southern refineries, bringing up to 20,000 immediate jobs and perhaps 10 times that many in an economic ripple effect.

... Prior to Nexen, CNOOC has made roughly $6 billion in smaller acquisitions in recent years. It has most notably hooked up with Chesapeake Energy for a joint venture in the Eagle Ford Shale formation in Texas, and with Norway's Statoil in the Gulf of Mexico, an area where the Obama administration has placed draconian restrictions on U.S. drilling.

As the Institute for Energy Research reports, PetroChina, owned 86% by the Chinese government, produced 2.4 million barrels of oil a day last year, surpassing Exxon by 100,000. ...

...State-owned Chinese oil and gas firms have invested more than $10 billion in Alberta's oil sands and British Columbia shale gas in the past couple of years.

(Excerpt) Read more at news.investors.com ...


TOPICS: Editorial; Front Page News; News/Current Events
KEYWORDS:
Insanity. US companies are restricted from our own waters in the Gulf, but China will buy high producing Gulf of Mex leases when they buy this Canadian company.

The U.S. energy policy...is being tested by a merger between China's CNOOC and Canada's Nexen Inc.

Nexen owns two leases in the Gulf of Mexico, in offshore U.S. waters, ...The law allowed oil companies to skip paying royalties on offshore oil...

China, which amassed a trading surplus with the United States of $24 billion in April alone, could step in and buy the royalty-free leases by gobbling up Nexen, which it is proposing to do for $15 billion.

Nexen has produced 32 million barrels of oil and 34 million cubic feet of natural gas from the Gulf of Mexico, gratis. Others have estimated the United States will be giving up $80 billion in royalties in the next 25 years

http://www.upi.com/Business_News/Analysis/2012/08/01/Economic-Outlook-Gulf-of-Mexico-giveaway/UPI-85301343795179/?rel=82471343880060


1 posted on 08/02/2012 2:18:23 PM PDT by xzins
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To: xzins

about Hussein Obama— None dare call it treason


2 posted on 08/02/2012 2:22:04 PM PDT by dennisw (Government be yo mamma - Re-elect Barack Obama)
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To: xzins

Simply f!@#$%^g amazing. Someone in government figured out how to outsource oil production. A tip of the hat to obama and his communist-muslim masters, enjoy whatever glory you have left, your time is running out.


3 posted on 08/02/2012 2:38:35 PM PDT by factoryrat (We are the producers, the creators. Grow it, mine it, build it.)
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To: dennisw

0bummer = Traitor!


4 posted on 08/02/2012 2:40:03 PM PDT by carriage_hill (Harry Reid [CADAVER-NV] has a goat in lingerie and stiletto heels, tied-up in his office.)
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To: xzins
We Want To Buy Canadian Oil From The Chinese?

What a stupid question. We should be selling them BOTH our Oil!! We have more oil than anyone else so why are we enriching the arabs?

5 posted on 08/02/2012 2:42:43 PM PDT by mountainlion (I am voting for Sarah after getting screwed again by the DC Thugs.)
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To: factoryrat

“...your time is running out.”

Unimaginable damage can still be done in a very short time, and when they sense it’s lost on Nov 6th, the 0bummer Traitors will unleash hell upon America. Count on SHTF.


6 posted on 08/02/2012 2:43:37 PM PDT by carriage_hill (Harry Reid [CADAVER-NV] has a goat in lingerie and stiletto heels, tied-up in his office.)
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To: xzins
The Keystone pipeline represents real shovel ready jobs funded by private capital.

Building the Keystone would:

1) Create jobs immediately

2) Provide direct US access to a stable, uninterpretable source of oil, pushing aside imports from Venezuela and the mid east.

3) Increase production in the oilsands region and North Dakota. Presently some production is shut in in both regions due to lack of transportation. Increased production tends to lower prices.

I cannot find a rational reason not to build the pipeline immediately. I don't know why this isn't a huge issue in the presidential election.

7 posted on 08/02/2012 2:54:16 PM PDT by Former Proud Canadian (Obamanomics-We don't need your stinking tar sands oil, we'll just grow algae.)
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To: carriage_hill

They may well do that, but if that’s the case, then all bets are off, and all of their liberal safeguards will not save them from the onslaught that will follow. In the end it will be us vs. them.


8 posted on 08/02/2012 2:57:32 PM PDT by factoryrat (We are the producers, the creators. Grow it, mine it, build it.)
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To: xzins
We don't want to.

The mudSlime mole in the WH, and the best congrease that money can buy does!

9 posted on 08/02/2012 2:59:05 PM PDT by rawcatslyentist ("Behold, I am against you, O arrogant one," Jeremiah 50:31)
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To: carriage_hill
They're not gonna wait till Nov.

Stinky is in full destructo mode now.

10 posted on 08/02/2012 3:01:36 PM PDT by rawcatslyentist ("Behold, I am against you, O arrogant one," Jeremiah 50:31)
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To: xzins

The dim dems celebrated the defeat of the Keystone pipline. Now they are freaking out that the Canadians are selling out to the Chicoms?

The dim idiots merely find themselves suffering from a self infflicted wound and scream foul.


11 posted on 08/02/2012 3:06:29 PM PDT by Sea Parrot (Once I was young, now I am old and the in between went way too fast)
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To: carriage_hill; Former Proud Canadian

In think we are on the road to energy independence but Obama has nothing to do with it.

In 2005 the USA imported 3.696 billion barrels of crude oil.

And in 2011 we imported 3.256 billion barrels of crude oil.

http://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=pet&s=mcrimus1&f=a

Imports are on steadily decreasing while domestic production is steadily increasing.


12 posted on 08/02/2012 3:22:02 PM PDT by moonshot925
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To: All


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13 posted on 08/02/2012 3:35:43 PM PDT by musicman (Until I see the REAL Long Form Vault BC, he's just "PRES__ENT" Obama = Without "ID")
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To: xzins

A Cninese coal company will be mining coal on part of my property in the next year or so. The US is run by idiots.


14 posted on 08/02/2012 3:41:20 PM PDT by freedomfiter2 (Brutal acts of commission and yawning acts of omission both strengthen the hand of the devil.)
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To: moonshot925

Doing that math - assuming that nothing changes - break even wouldn’t occur for 40 years.

A ton of things will change, but I hope that we can ramp up our own production here.
Kind of a different “hope & change.”


15 posted on 08/02/2012 9:14:14 PM PDT by bill1952 (Choice is an illusion created between those with power - and those without)
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To: Former Proud Canadian

Mitt Romney drew a line in the oil sands on Friday, focusing on the controversial Keystone pipeline project opposed by the White House and saying, “I will build that pipeline if I have to myself.”

Romney blasted Obama on a range of policies during a speech to the Republican National Committee’s State Chairmen’s National Meeting in Arizona, but singled out the controversial project that would route Canadian oil sands south to Gulf Coast refineries.


16 posted on 08/02/2012 9:30:55 PM PDT by ROCKLOBSTER (Celebrate Republicans Freed the Slaves Month.)
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To: xzins; TheOldLady; WildHighlander57; netmilsmom; tomdavidd; Freeper; Gvl_M3; Flotsam_Jetsome; ...
Image and video hosting by TinyPic

Ping to article and # 1.

Oil? ...Who's going to benefit?

.

17 posted on 08/03/2012 8:43:59 AM PDT by LucyT (~ Countdown: Ninety-Four days until November 6. ~)
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To: LucyT

A possible answer to Who’s going to benefit here:

http://www.freerepublic.com/focus/f-news/2914127/posts


18 posted on 08/03/2012 8:59:08 AM PDT by hoosiermama (Obama: "Born in Kenya" Lying now or then.)
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To: xzins

“Do We Want To Buy Canadian Oil From The Chinese?”

In the psychotic world of Progressives, YES.
(Not to mention adolescent, pretentious, and absolutely sick.)

IMHO


19 posted on 08/03/2012 10:10:20 AM PDT by ripley
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To: LucyT
"Who's going to benefit?"

Who wants the destruction of our domestic energy production?

20 posted on 08/03/2012 1:03:25 PM PDT by Lady Jag (If you can't make them see the light, let them feel the heat. - Reagan)
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To: Former Proud Canadian
Actually Keystone is even better than that. It has yet another residual benefit.

Currently, hard to refine heavy crude oil is shipped to Texas from Venezuela where it is refined and enriches fat hugo chavez.Venezuela, courtesy of iran has missiles pointed at the US.

When and if Keystone is finished and extends from Canada to Texas we could than refine their heavy crude instead of our rock solid enemy Venezuela. Overnight this would force hugo to find someone else to buy his oil and refine it as well.

The fact that we don't speaks volumes about what zeros goals really are.

21 posted on 08/04/2012 2:31:07 PM PDT by rodguy911 (FreeRepublic:Land of the Free because of the Brave--Sarah Palin 2012)
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To: rodguy911
Keystone will be finished some day. That day will be about two years after the President of the US decides to let TransCanada build it.

So, in about 2 to 6 years Keystone will be pumping ethical oil from your biggest trading partner, neighbor, and best ally. It's up to the American voter when this will happen. Somebody should let them know.

22 posted on 08/04/2012 4:05:49 PM PDT by Former Proud Canadian (Obamanomics-We don't need your stinking tar sands oil, we'll just grow algae.)
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To: Former Proud Canadian

I’m hoping we don’t lose the option to deal with the Canadians until Romney gets in.


23 posted on 08/04/2012 4:42:11 PM PDT by rodguy911 (FreeRepublic:Land of the Free because of the Brave--Sarah Palin 2012)
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