U.S., China Must Cooperate or Risk Oil Conflict,
bloomberg:The U.S. and China, the world's top two oil consuming nations, must work together to avoid a competition for foreign supplies that might lead to military conflict, U.S. Senator Joseph Lieberman said.
Tensions bet ween the two nations over access to energy supplies erupted in July, when Cnooc Ltd., China's national oil company, bid $18.5 billion to buy California-based Unocal Corp. The U.S. Congress intervened to block a sale to Cnooc.
China's demand for oil is forecast to grow 2.9 percent a year between now and 2025, and U.S. demand will grow 1.5 percent a year. Efforts by each nation to use imports to meet growing demand may escalate competition for oil to something "as hot and dangerous'' as the nuclear arms race between the U.S. and Soviet Union, Lieberman, 63, said in a speech today in Washington. Read more
Tensions bet ween the two nations over access to energy supplies erupted in July, when Cnooc Ltd., China's national oil company, bid $18.5 billion to buy California-based Unocal Corp. The U.S. Congress intervened to block a sale to Cnooc.
China's demand for oil is forecast to grow 2.9 percent a year between now and 2025, and U.S. demand will grow 1.5 percent a year. Efforts by each nation to use imports to meet growing demand may escalate competition for oil to something "as hot and dangerous'' as the nuclear arms race between the U.S. and Soviet Union, Lieberman, 63, said in a speech today in Washington. Read more
posted by exoplanet at 11:19 AM
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