Sitnews - Stories In The News - Ketchikan, Alaska - News, Features, Opinions...


China on hunt to satisfy its thirst for oil


June 27, 2005

China is the big oilman on the world stage today.

China's thirst for energy has been a major factor driving up the international price of oil and China's takeover bid for Unocal Corporation makes it clear to Americans that the 1.3 billion Chinese people are demanding an ever-larger supply of the world's energy to fuel their booming economy and will get it wherever necessary, according to a story reported today by the San Francisco Chronicle.

Chinese firms are pumping oil and natural gas in many areas that the United States was counting on to meet its own record-high demand.

While China's supply network does not yet rival the global clout of U.S.-based oil corporations, the shift raises concerns of politicians and analysts in the United States and Southeast Asia who see China as a future global giant motivated by the same powerful self-interest as American Big Oil.

The San Francisco Chronicle further reports that U.S. officials have been increasingly uneasy as China has signed major deals with Iran, Sudan, Burma and Venezuela, all countries that have strained relations with the United States.

While the Bush administration tries to build international pressure against Iran over its nuclear aspirations, China has signed a $70 billion long-term oil and gas supply deal with the Tehran government. China has also signed agreements to develop heavy oil reserves in Venezuela, where President Hugo Chavez has emerged as one of Washington's most vocal opponents.

Even in Canada, the top U.S. oil supplier, Chinese firms have signed three deals this year to tap Alberta's vast oil-sands reserves and to join a pipeline venture to bring crude to the Pacific coast, where it can be shipped to China.

Even close allies of Beijing throughout East Asia are showing nervousness about China's energy appetites reports the SFC.


On the Web:

San Francisco Chronicle (SFC)


Publish A Letter on SitNews         Read Letters/Opinions
Submit A Letter to the Editor

Stories In The News
Ketchikan, Alaska