China made first export of major oil-drilling equipment to US

People's Daily Online ^ | December 10, 2004

[nanak]

We are sendin our dollars to CHINA in record amounts and they will use the same dollars to destroy us.

[xJones]

Profits go to the Chinese and they'll use the money to buy weaponry from Russia and enhance their military. We are feeding a tiger while you tiptoe through the tulips. One day their guns will be pointed at Americans. Then what will low county joe have to say?

You're asking this about a country that sold scrap metal to the Japanese in the 1930's? As my beloved mother told me, "We sold them the metal they shot back at us."

[dennisw]

All you say is true. China is a menace and trade should be regulated with them. Our millions of dollars sent there are financing a monster military. They have their eyes on Asian domination. The real kicker will come if they provide a nuclear umbrella to Iran. Asymmetric warfare means keeping Middle East oil away from us.

[Willie Green]

Cool !!!
He's only a veep and not a prez, but it looks like ya tracked down the right David Russell for us!
Thanks! It's hard to believe there were so many possibilities!

[nanak]

All you say is true. China is a menace and trade should be regulated with them. Our millions of dollars sent there are financing a monster military. They have their eyes on Asian domination. The real kicker will come if they provide a nuclear umbrella to Iran. Asymmetric warfare means keeping Middle East oil away from us.

I agree. Jefferson (MY favorite PRESIDENT) warned us in advance.

Please check my post # 17

[Citizen Tom Paine]

The capitalist will sell us the rope that we will use to hang him. Who said that? I don't recall? Another statement comes to mind, "When you sup with the Devil, use a long spoon." Is our spoon long enough?"

[dennisw]

You're asking this about a country that sold scrap metal to the Japanese in the 1930's? As my beloved mother told me, "We sold them the metal they shot back at us."

Amusingly enough I hear China is in our scrap market in a huge way and is one factor forcing up scrap prices. Is scrap steel our largest export to ChiCom land? LOL.

[Willie Green]

But, on the other hand, if the Chinese become predominant in this sector and drive competitors, particularly western competitors, out of business, if they doi not change, then the west and the US become dependant on the Chinese for this technology...and that is not good.

As you are aware, Jeff, I'm not strictly concerned with this sector, or the computer sector, or the steel sector, or the automotive sector, or the toys sector, or the buggy whip sector...

It's happening across-the-board in ALL of the sectors...
And THAT is what is placing our future national security in dire jeopardy.

[1rudeboy]

Wait a minute . . . aren't high (scrap) steel prices supposed to be good? Or are they supposed to be bad? Certainly they cannot be both good and bad.

[Jeff Head]

Exactly...that is just what I was trying to get that across in my psot.

[joesnuffy]

Good take it apart and back engineer it they way they have done everything they could beg borrow or steal from the USA including the stuff Clinton and enablers gave them...

And pay them not one nickel for what we take that they owe us for and have never paid...one RED cent.

imo

[blackie]

"Good grief, that one is making my tinfoil hat start to spark!!!"

Watch those sparks, Willie ~ ya don't want to set someones beard on fire. :)

[blackie]

Rowan Companies, Inc. (NYSE: RDC)

2800 Post Oak Blvd., Ste. 5450
Houston, TX 77056-6127 (Map)
Phone: 713-621-7800
Fax: 713-960-7660

http://www.rowancompanies.com external site content

Covered by Stuart Hampton

Where does a gorilla drill for oil? Anywhere it wants if it is one of Rowan Companies' Gorilla-class heavy-duty offshore drilling rigs. Rowan performs contract drilling of oil and gas wells mainly in the US and eastern Canada. Its fleet consists of 23 jack-up rigs, one semisubmersible rig, and 18 land drilling rigs. Subsidiary LeTourneau operates a mini-steel mill and manufactures heavy equipment including front-end loaders, log stackers, and gantry cranes. LeTourneau's marine group builds offshore jack-up drilling rigs. In 2004 Rowan Companies agreed to sell its Era Aviation aircraft services subsidiary (with 85 helicopters and 16 fixed-wing aircraft) to Seacor Holdings for about $118 million.
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[LowCountryJoe]

Dennis, please tell me how China is profiting while their currency is pegged to ours and the entire EU is raping them of their goods because of a huge increase in their purchasing power. And don't forget, we've been using their savings to provide easy money for our business expansion. They get 2 1/2 to 6% on their purchases of our debt. We turn around and use the liquidity injection to earn up to 12% with it. You're going to end up getting what you want; the trade deficit will shrink and with it: inflation will creep in, interest rates will rise, money will be tight, businesses will contract, earnings will fall and so will U.S. equities - twice as hard because there will be a P/E contraction too. Be careful of what you ask for Dennis, 'cause you may just have much more to bitch about later.

One day their guns will be pointed at Americans. Then what will low county joe have to say?

"Nurse, I'll hold Dennis down while you give him the tranquilizer. Can someone hurry up wit those straps pleeeeeassseee?!?!?"

[B4Ranch]

ping

[dennisw]

LOL! So low US trade deficits are against your economic philosophy. What kind of kool aid are you drinking? Your entertainment factor is diminishing. I come from the real world where being in hock to foreigners is a bad idea. OK in small doses but not to be glorified.

[investigateworld]

puing

[TexasCowboy]

I don't understand what all the ruckus is about.
The article is about top drives, and I doubt that anyone who has posted even knows what a top drive is or what it does.
This is not a new fangled technological advancement. Top drives have been around for many years, and, for many years before they were called top drives, they were called power swivels, albeit much smaller versions.

They're a bear to rig up on land rigs, and there is a shortage of personnel to run them.
They have a much wider useage offshore which makes it feasible for Rowan to own them.

[HoustonCurmudgeon]

It means we are in 2nd place in oil drilling knowledge and without effort, will likely remain there.

Not in the drilling industry are you.

[HoustonCurmudgeon]

I don't understand what all the ruckus is about. The article is about top drives, and I doubt that anyone who has posted even knows what a top drive is or what it does

No kidding, this is worry over NOTHING. I might also point out that I don't think ANY US owned company makes these things any more. Canrig and TESCO are Canadian, and I think the Bowen bunch is headed by an Arab, though I know "The Ambassador" got out a few years back, and that may have changed.