China’s move into oil sands irks the U.S.

One day too late and wrong on massive energy reserves can irk you.

Being dollar bound is so silly where China is concerned. That is a xenophobic argument of provincial pin heads.

Resource rich is the opposite of dollar bound.

China’s move into oil sands irks the U.S.
Shawn McCarthy
Last updated on Wednesday, Sep. 02, 2009 09:08AM EDT

PetroChina Co. Ltd.’s (PTR-N 110.491.341.23%) $1.9-billion investment in the oil sands is raising alarms in Washington, with the head of a congressionally-appointed China watchdog saying the company is clearly a vehicle of Beijing’s Communist government.

Carolyn Bartholomew, chairwoman of the U.S.-China Economic and Security Review Commission, said Tuesday that Ottawa should subject the proposed investment to a thorough review that would include sensitive national security issues.

And she rejected the contention by PetroChina and its supporters that the state-owned enterprise acts like any other commercial oil company in its international operations, professing concern about a growing Chinese presence in America’s “backyard.”

“I think that an acquisition like this should raise national security questions both for the government of Canada and for the government of the United States,” Ms. Bartholomew said in an interview from Washington.

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http://www.theglobeandmail.com/globe-investor/chinas-move-into-oil-sands-irks-the-us/article1272498/