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Wednesday, June 29, 2005 

Problems with China's Growing Oil Demand

Lots of media reports on China's bid for Unocal is a threat to U.S. national security.

Guy De Jonquieres argued otherwise in yesterday's Financial Times' Op-ed: "China exposes America's national insecurity".
"Great powers seem to need foreign demons. For the US, the Soviet Union and Japan fitted that role for much of the second half of the last century. Now it is China's turn.

America's China-bashers claim a CNOOC takeover would imperil US security. Yet Unocal is a second-tier oil and gas company, most of whose production is in Asia and under long-term contract to customers there. CNOOC has said it will operate Unocal's US business at arm's length and sell it if Washington so requires."


Also in yesterday's Financial Times, its editorial stated that "managing demand is as important as securing supply." China should look more into developing renewable energy sources and work on improving energy efficiency. Makes sense.

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