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| chicago trip planning, data processing speech & audio processing, living, atlantic / wea, fiction / mystery & detective / general, chicago's museum of contemporary art, h bomb, books: politics and affairs, tour, san diego north coast, ohio, constant weight, | Chinese firms are interested in building a crude oil pipeline across Colombia so that Venezuelan crude atomic age can be loaded onto China-bound tankers at a Pacific Ocean port. atomic age And Chinese firms are talking about investing $2 billion to expand development of the Athabasca oil sands in northern Alberta. Hong Kong tycoon Li Ka-shing already owns a huge stake in Canada's atomic age third-largest oil firm, Husky Oil, and is thinking of buying more. They are doing this, they say, to help secure future Chinese crude oil needs. Keep in mind that, right now, Canada is the largest supplier of crude oil to the United States. THE END OF OIL? I get asked about "peak oil" a lot. I've even had some people send me junk mail predicting when the date would come. Sometime in June, 2006, I recall. (Unsolicited investment advice: go very long!) I didn't really pay attention. |
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| If you are living a Chinese oil company, trying to fuel one of the fastest growing economies in the world, how do you deal with this? The People's Liberation Army cannot hope to match US military power, not now, and likely not in 20 years. If it comes to bullying for crude – high-stakes commodities extortion – China simply won't be able to compete. I have every reason to believe, however, that the Chinese are betting there will come living a day when living we are so bankrupt that we won't be able beg, borrow or steal a junkload of lowland Vietnamese robusta coffee and a container load of broken rice intended for Cuba. Or they are betting that polite paying customers – customers with cash, as opposed to promissory notes – will easily buy what a bully can only dream of stealing. Chinese oil and gas firms have been building extensive business connections across the world, from upstream investment in Iran to partnering with Brazilian state oil firm Petrobras to build natural gas pipelines (China is already a major buyer of Brazilian crude). |
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