The administration lifts the Gulf drilling moratorium in time for the election, but it’s not as good as it sounds. Meanwhile, China buys up Texas oil land to develop the energy reserves we won’t.
What do you mean?
While we dawdle, state-owned Chinese energy giant CNOOC is buying a multibillion-dollar stake in 600,000 acres of South Texas oil and gas fields. CNOOC announced Monday that it would pay up to $2.2 billion for a one-third stake in Chesapeake Energy assets.
We’re in the best of Chinese hands: the debt, and now the oil and gas fields.