Chinese oil company CNOOC has made a bid to buy Unocal.
"The deal has got the administration over a barrel," said Michael R. Wessel, a member of the United States-China Economic and Security Review Commission, a group established by Congress. Not only is the administration trying to work out trade issues with China over textiles, currency and a number of other matters, it is also increasingly relying on China to play a more aggressive role in containing North Korea.Not to mention that they loan us a large portion of the billions of dollars per day needed to keep the wheels from totally coming off of our economy. CNOOC seems to know how the Washington game is played:
In Washington, CNOOC is already laying the groundwork. It has hired Public Strategies, a public relations firm whose vice chairman, Mark McKinnon, led President Bush's media campaign in the 2004 election. The company has also lined up some of the nation's savviest financial advisers - among them Goldman Sachs and J. P. Morgan - as well as such well-connected legal and lobbying firms as Akin Gump Strauss Hauer & Feld and Davis Polk & Wardell.