CommieCorp Is Not Good For The National Interest

Drudge Reports that China is telling the U. S. to stay out of its business of buying a large American oil company.

China tells U.S. not to meddle in oil deal
Wed Jun 29 2005 10:06:28 ET

China expressed opposition to interference in a government-controlled oil company's bid for the U.S.-based oil company Unocal, state media said Wednesday. Foreign Ministry spokesman Liu Jianchao said that China National Offshore Oil Corporation's $18.5 billion offer for Unocal was "normal commercial activity between enterprises." Liu said "economic cooperation between China and the U.S. serves the interests of both sides and commercial activities should not be interfered in or disturbed by political elements."

There are growing concerns in Washington over the deal as some U.S. officials are uncomfortable with CNOOC, 70 percent owned by the Chinese government, controlling a major player in the U.S. energy sector. Xinhua reported Wednesday that CNOOC Chief Executive Fu Chengyu is heading to the United States for negotiations and to dispel concerns over the deal.

Imagine that - a Communist government lecturing the U. S. on government interference with business.

I am a big free trade person. I supported NAFTA, opposed Bush's steel tarrifs, and generally welcome trade with other countries. I do not think, however, that the Communist Chinese, who are a competing military power, should be allowed to buy a major American oil company. Or any other company heavily involved in U. S. national resources important to the larger economy or military.

U. S. Treasury Secretary John Snow sounded a little ambiguous recently.

We don't need study or ambiguity right now. We shouldn't entertain the idea, and we shouldn't allow the idea to linger as a possibility. Say no. Say it now.

National security -- real national security -- sometimes means saying no to a business deal. The neo-libertarian can see this. Hopefully, the Administration or the Congress can as well.

For other updates: Oil & Gas News.