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September 17, 2005

China subsidizing bid for US energy resources

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The Chinese oil company CNOOC, which is bidding to purchase California—based Unocal, a prominent oil producing company, is enjoying state—subsidized loans, some of which carry no interest charges, according to Bloomberg.

Fortunately, a bipartisan Congressional group is on the case, and has demanded an investigation:

The letter from 41 congressmen, written by Democratic Representative William Jefferson and Republican Bobby Jindal both of Louisiana, said the probe should include the role of government financing and whether ``investments by CNOOC are market—based and free of subsidies.''

Bobby Jindal, faithful readers may remember, is one of the most promising future stars of the Republican Party. He is a brilliant man, an expert on health care, with an astounding track record of achievement at a young age. As he ventures into energy policy and national security issues, he will only add luster to his name.

Stay tuned.

Ed Lasky and Thomas Lifson   6 28 05