China Targets Canada's Energy

Gary Bauer, Contributing Author: The China National Offshore Oil Corporation (CNOOC), China's third largest state-owned oil company, announced that it was buying Nexen, a Canadian firm, for $15 billion in cash and at a 61% premium. While Obama has poured billions into alternative energy companies like bankrupt Solyndra, the Chinese are obviously eager to secure natural resources wherever they can find them. And they have been on a buying spree in recent years. CNOOC has bought stakes in two other Canadian companies in the past seven years.

Why does this matter? Because it is more evidence of how the misguided policies of the Obama Administration are hurting the United States. Canadian officials were stunned when Obama rejected the Keystone XL pipeline, and vowed never to be "held hostage" to American politics again. Rather than moving its oil south, Canada is speeding up projects to move it west toward Asian markets.

Now Chinese companies are moving in to capitalize on the growing rift in U.S.-Canadian relations. And it's safe to say that China's state-owned oil companies won't have the best interests of U.S. consumers in mind.

Let me remind you of the comments by General Jim Jones, Obama's former National Security Advisor. Referring to the Keystone XL pipeline, General Jones said:"If we get to the point where we cannot bring ourselves to do what is in our national interest, then we are clearly in a period of decline… A nation that fails to secure the energy its citizens and its economic engine need to keep functioning leaves itself vulnerable to external contingencies in a dangerous and uncertain world and to the whims of foreign leaders and other actors who may not always have its interests at heart. The delay, and possible rejection of this pipeline, could have significant and long-range national security implications for our nation."Jones is right. The Keystone XL pipeline is not an insignificant issue, and it's a good example of Obama's bad policies that voters likely have in mind. Thousands of jobs could have been created at a time when we desperately need them, and the project is overwhelmingly popular with the American people. But when the time came to do the right thing for jobs and our national security, Obama caved to his radical left-wing allies.

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