A Chinese oil producer has put up $18.5 billion to purchase (http://www.msnbc.msn.com/id/8344064/) Unocal. This has understandably produced ripples in Congress, though Greenspan and Snow warn against retaliatory action. Thoughts?

I dont see it as a horrible issue, They want to have a strategic stockpile and improve there infrastructure. The biggest issue lies in there forcing of hoops on US businesses to be there and giving them full reign without a counter for doing business in the US.

There are alot of Chinese and the more they ramp up to the wonders of capitalism the world will only improve.

The trouble, of course, is that oil is rather integral to the US economy. It's different than letting a foreign company buy a telecom, since there is/was a glut of telecom infrastructure and they weren't one of the original pieces of ATT.

The accepted idea had been that Chevron-Texaco would purchase Unocal later this year to grow their base of reserves and compete with ExxonMobil; I wonder if they'll be willing to get into a bidding war with a government backed entity. Or, for that matter, if the government would approve this purchase.