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Title: Why Is The Obama Administration Allowing The Chinese Government To Buy Up U.S. Oil And Gas Deposits Worth Billions Of Dollars?
Source: The American Dream
URL Source: http://endoftheamericandream.com/ar ... sits-worth-billions-of-dollars
Published: May 14, 2012
Author: TAD
Post Date: 2012-05-14 09:43:14 by We The People
Keywords: None
Views: 660
Comments: 21

If we are trying to become independent of foreign oil, then why is the Obama administration allowing the Chinese government to buy up U.S. oil and gas deposits worth billions of dollars?  This makes absolutely no sense whatsoever.  The United States desperately needs to maintain control over its own domestic energy resources so that we can end our addiction to foreign oil.  As I have written about previously, the United States actually has plenty of oil.  If we would simply use the resources that we already have, we would never have to import a single drop of foreign oil.  But instead, we continue to be the largest importer of oil on the planet and we are allowing China to rapidly buy up oil and gas deposits inside the United States.  This is fundamentally wrong and it is a serious threat to our national security.  But apparently everything is for sale in the United States today, and that includes our precious energy resources.

The Chinese government is using two giant corporations to buy up these energy resources.

The first is the China National Offshore Oil Corporation (CNOOC).  According to Wikipedia, this corporation is 100 percent owned by the Chinese government....

CNOOC Group is a state-owned oil company, fully owned by the Government of the People's Republic of China, and the State-Owned Assets Supervision and Administration Commission of the State Council (SASAC) performs the rights and obligations of shareholder on behalf of the government.

The second is Sinopec Corporation.  Sinopec Group is the largest shareholder (about 75% of the shares) in Sinopec Corporation.  And as the Sinopec website tells us, Sinopec Group is owned by the Chinese government....

Sinopec Group, the largest shareholder of Sinopec Corp., is a super-large petroleum and petrochemical group incorporated by the State in 1998 based on the former China Petrochemical Corporation. Funded by the State, it is a State authorized investment arm and State-owned controlling company.

So wherever you see CNOOC or Sinopec you can replace those names with the Chinese government.  The Chinese government essentially runs both of those companies.

And both companies have been very busy buying up U.S. oil and gas deposits.

For example, CNOOC recently completed a 570 million dollar deal that gives it a one-third interest in huge oil and gas deposits in Colorado and Wyoming.  The following is from Wyoming Energy News....

Chinese energy company Cnooc Ltd. has agreed to pay $570 million for a one-third interest in Chesapeake Energy Corp.’s 800,000 leased acres in northeast Colorado and southeast Wyoming. The acreage is in the Denver-Julesburg (DJ) and Powder River basins. Cnooc is China’s biggest offshore oil and natural gas producer.

In fact, according to a recent Business Insider article, this deal gives the Chinese government the right to a third of any new oil discovered by Chesapeake Energy in the entire region....

The Niobrara Shale formation stretches over Colorado and Wyoming, as well as Kansas and Nebraska. Chesapeake Energy's position is in Wyoming and Colorado. If Chesapeake find any more oil in this region, CNOOC has the rights to 33.3% of what is found.

But this is not the only area of the country where China now owns energy rights.  The following is an excerpt from a recent state-by-state breakdown that appeared in the Wall Street Journal....

Louisiana: Sinopec has a one-third interest in 265,000 acres in the Tuscaloosa Marine Shale after a broader $2.5-billion deal with Devon Energy.

Michigan: Sinopec gained a one-third interest in 350,000 acres in a larger $2.5 billion deal with Devon Energy.

Ohio: Sinopec acquired a one-third stake in Devon Energy’s 235,000 Utica Shale acres in a larger $2.5 billion deal.

Oklahoma: Sinopec has a one-third interest in 215,000 acres in a broader $2.5 billion deal with Devon Energy.

Texas: Cnooc acquired a one-third interest in Chesapeake Energy’s 600,000 acres in the Eagle Ford Shale in a $2.16-billion deal.

The Texas deal was particularly noteworthy.  The following is how a San Antonio news source described that deal....

State-owned Chinese energy giant CNOOC is buying a multibillion-dollar stake in 600,000 acres of South Texas oil and gas fields, potentially testing the political waters for further expansion into U.S. energy reserves.

With the announcement Monday that it would pay up to $2.2 billion for a one-third stake in Chesapeake Energy assets, CNOOC lays claim to a share of properties that eventually could produce up to half a million barrels a day of oil equivalent.

So why is the Obama administration allowing this to happen?

Are they so desperate to have China continue lending money to the United States that they would allow the Chinese government to pillage our precious energy resources?

Somebody needs to be asking our politicians that question.

But oil and gas are not the only U.S. assets that the Chinese have been buying up.

In a previous article, I detailed how the Chinese have been purchasing huge chunks of real estate all over the country as well.

For example, a recent Forbes article detailed some of the real estate deals that China has been doing in New York....

According to a recent report in the New York Times, investors from China are “snapping up luxury apartments” and are planning to spend hundreds of millions of dollars on commercial and residential projects like Atlantic Yards in Brooklyn. Chinese companies also have signed major leases at the Empire State Building and at 1 World Trade Center, the report said.

In addition, it was recently announced that the Federal Reserve will now allow Chinese banks to buy up American banks.

Where will all of this end?

Should all of us start learning to speak Chinese?

Meanwhile, our trade deficit with China continues to get even larger.  Our trade deficit with China last year was $295.5 billion, which was the largest trade deficit that one country has had with another country in the history of the world.  This year, we are already on a pace to break that record.

So thousands of businesses, millions of jobs and hundreds of billions of dollars will continue to leave the United States and go to China.

And China will continue to use some of the money they are getting from us to buy up pieces of America.

Does anyone else out there see something very, very wrong with all of this?

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#2. To: All (#0)

A Chinese Group Plans To Construct A 200 Acre "China City" In Michigan

http://endoftheamericandream.com/archives/a-chinese-group-plans-to-construct-a-200-acre-china-city-in-michigan

A Chinese group known as "Sino-Michigan Properties LLC" has bought up 200 acres of land near the town of Milan, Michigan.  Their plan is to construct a "China City" with artificial lakes, a Chinese cultural center and hundreds of housing units for Chinese citizens.  Essentially, it would be a little slice of communist China dropped right into the heartland of America.  This "China City" would be located about 40 minutes from both Detroit and Toledo, and it would be marketed to Chinese business people that want to start businesses in the United States.  Unfortunately, this is not just an isolated incident.  In fact, Chinese companies have been buying up land and businesses all over the country in recent years.  There has even been talk of establishing "special economic zones" inside the United States modeled after the Chinese city of Shenzhen.  It was inevitable that the Chinese were going to do something with the trillions of dollars that they have made flooding our shores with cheap products.  Now they are rapidly buying up pieces of America, and many of our politicians are welcoming them with open arms.

The town of Milan, Michigan is a small farming community of only about 6,000 people, but big changes are coming their way.  The following is from a recent Dayton Daily News article about this new project....

A group of mainland Chinese known as Sino-Michigan Properties LLC paid $1.9 million for 200 acres of farmland on Milan city limits in purchases this year and in 2011, according to local officials and property records.

Unfortunately, the goal does not appear to be to integrate this new "city" into the existing community in and around Milan.

Rather, it appears that all of the new housing will be sold to people coming over from China.  According to the Milan News Leader newspaper, the new housing units "would be marketed to Chinese business people who want to start companies in the United States".

In essence, we would be looking at a new Chinese city right in the middle of Michigan.

Doug Smith, senior vice president for business and community development for the Michigan Economic Development Corp., recently said the following about what the Chinese group plans to do....

"It’s a group that wants to build a China city, starting with housing over there in Milan"

Milan is not far from the University of Michigan in Ann Arbor, which is a very popular destination for Chinese students.  Apparently that is one reason why Milan was chosen.

This new project would be a Chinese community built by Chinese and specifically designed for Chinese.

But isn't this supposed to be America?

Fortunately, the project does not have final approval yet.  It still must be approved by the two townships outside of Milan where the land is located.

For some reason, the Chinese seem to be particularly interested in this area of the country.

For example, a different Chinese investment group has been busy buying up chunks of real estate over in nearby Toledo, Ohio.  The following is from an article in the Toledo Blade on May 26th, 2011....

Dashing Pacific Group Ltd., which has already purchased the nearby Docks restaurant complex for $2.15 million, put its $3.8 million offer to buy the southern 69 acres at the Marina District in East Toledo back on the table for approval by Toledo City Council. Additionally, Dashing Pacific Chairman Yuan Xiaohong, in a letter signed in Hangzhou, said the firm wants a two-year option to buy the decommissioned Toledo Edison power plant property on the site.

So should we be alarmed that the Chinese are buying up pieces of America?

Well, if they simply wanted to enjoy living in America and wanted to integrate into the wider community that would be one thing.

But it is another thing altogether to start dropping slices of communist China inside of U.S. territory.

In a previous article entitled "China Wants To Construct A 50 Square Mile Self-Sustaining City South Of Boise, Idaho", I discussed a potential deal that Sinomach (a company controlled by the Chinese government) was exploring with the government of Idaho.  The following is a description of that potential project from an article in the Idaho Statesman....

A Chinese national company is interested in developing a 10,000- to 30,000-acre technology zone for industry, retail centers and homes south of the Boise Airport.

There was talk that this "technology zone" would be modeled after the "special economic zones" that have been developed in China.  The city of Shenzhen is perhaps the most famous example of this.

Fortunately that deal appears to have stalled, but other mammoth deals have been moving forward in other parts of the country.

For example, the Chinese have been very busy gobbling up oil and gas fields.  The following is a quote from a local Texas news source about a deal that a company owned by the Chinese government did with Chesapeake Energy down in Texas....

State-owned Chinese energy giant CNOOC is buying a multibillion-dollar stake in 600,000 acres of South Texas oil and gas fields, potentially testing the political waters for further expansion into U.S. energy reserves.

With the announcement Monday that it would pay up to $2.2 billion for a one-third stake in Chesapeake Energy assets, CNOOC lays claim to a share of properties that eventually could produce up to half a million barrels a day of oil equivalent.

You can read more about that particular deal right here.

So is it really a good idea to be allowing the Chinese to buy up our precious energy resources?

The answer to that question is obvious.

Sadly, the examples noted above are not isolated incidents.  The truth is that the Chinese have been snapping up real estate and business assets all over America as a recent Forbes article explained....

According to a recent report in the New York Times, investors from China are “snapping up luxury apartments” and are planning to spend hundreds of millions of dollars on commercial and residential projects like Atlantic Yards in Brooklyn. Chinese companies also have signed major leases at the Empire State Building and at 1 World Trade Center, the report said.

So get ready - the Chinese are buying up U.S. land and they are moving in whether you like it or not.

So what will the long-term consequences be of allowing a communist superpower to buy up large sections of America?

That is a very good question.

We The People  posted on  2012-05-14   9:49:06 ET  Reply   Untrace   Trace   Private Reply  


Replies to Comment # 2.

#6. To: We The People (#2)

So what will the long-term consequences be of allowing a communist superpower to buy up large sections of America?

Some on this very forum say that China ain't a communist country, even though the Chinese constitution sez otherwise. They just can't wrap their brains around the fact that capitalists can be communists too.

mininggold  posted on  2012-05-14 11:25:58 ET  Reply   Untrace   Trace   Private Reply  


End Trace Mode for Comment # 2.

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