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  1. #1 0bama gives Chinese oil company rights to drill in Gulf 
    Senior Member Janice's Avatar
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    China Deal Benefits Obama Donors
    Administration-approved takeover by Chinese oil company provides Obama backers windfall

    The government watchdog group Judicial Watch is suing the Treasury Department for records pertaining to the department’s decision to grant a Chinese government-backed company access to oil deposits in the Gulf of Mexico, a move that will benefit Obama donors.

    The Chinese National Offshore Oil Corporation (CNOOC) reached a “definitive agreement” with Nexen, Inc., a Canadian energy company, announced on July 23, 2012, to buy all of the company’s outstanding public shares. Nexen has holdings in the Gulf of Mexico and Canada, giving the Chinese government access to millions of barrels of Keystone XL and Gulf reserve oil.

    Nexen’s holdings in the Gulf, coupled with the Chinese government’s ownership of CNOOC, meant the Treasury Department’s Committee on Foreign Investment in the United States had to approve the takeover, which it did on Feb. 12.

    The secretaries of several major executive departments—including treasury, state, defense, and homeland security—sit on the committee. >>>

    “With one ill-chosen action, the Obama administration has managed to undermine our strategic interests and reward its corporate cronies,” said Tom Fitton, president of Judicial Watch, in the released statement.

    The Treasury Department did not return a request for comment.

    More@FreeBeacon

    Not to worry though. Selling American assets to China and rewarding big donors with insider trading as both China and Cuba finalize plans to drill for oil 50 miles from Key West, is nothing new to our Marxist-in-Chief.
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  2. #2  
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    Which brings up a question:

    Just far out are the U.S. oil drilling rights? I mean, say 50 miles, I could see the U.S. saying, "OK, no U.S. company can drill out there because if something goes wrong then we, the U.S would suffer". But do we have the right to tell a foreign company not to drill, and if so, then how far? 100 miles?

    And the way we talk about it, it sounds as if we own all the drilling rights in the entire Gulf, which is nearly 60% as big as the U.S. It doesn't make sense that everyone in the world would need our permission to drill anywhere in the gulf. Or does it? Anyone know?
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  3. #3  
    Ancient Fire Breather Retread's Avatar
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    First - what area ia controlled by the Federal gubmint in re: Offshore exploration?



    !981-2008: Green available, Blue area off limits, red area - fugitaboutit.

    Next - the gem of the ocean and the source of much of the country's oil and richness over the last several decades:


    Notice the narrow strip along the coast. That part is under control of the states rather than the feds. But... Permits are required anywhere in any of these areas.
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