Yesterday’s post on the CNOOC-Nexen energy deal included a prediction that U.S. politicians, particularly those who are in the pocket of the oil and gas industry, would use the announcement to bash President Obama. My post title, “Who Lost Canada?” was all about the expected blame game.
Surprise! Just saw this in Reuters:
Republican senators will unveil new energy legislation on Thursday that will help battle a new move by China to tap North American energy resources, Senator John Hoeven said.
China’s state-owned oil company CNOOC Ltd. launched a $15.1 billion takeover bid for Canada’s Nexen Inc , a company with operations in the Gulf of Mexico as well as in Canada’s oilsands.
Hoeven said the deal shows the United States needs to do more to aggressively develop its own resources.
“If we don’t get going on it, China’s already moving. He who hesitates has lost,” Hoeven told Reuters.
Hoeven said he believes the CNOOC-Nexen deal is a “direct result” of President Barack Obama’s January decision to delay approval of the Keystone XL pipeline, designed to bring oil from Canada’s oilsands to Texas refineries.
I humbly submit that I nailed it.
Who is Senator Hoeven? He’s from North Dakota, the state where the Keystone Pipeline dips down into the U.S. He’s been aggressive and outspoken on this project for a long time. And just in case you wanted to connect all the dots here, Hoeven’s top campaign contributors are energy companies, with the oil and gas sector being #1 overall as compared to other types of businesses.
That’s how the game is played. Except that it isn’t a game, and this whole thing depresses me.
© Stan for China Hearsay, 2012. |
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Post tags: CNOOC, Nexen, oil and gas, Senator Hoeven