Watching the World: Extrapolating the port issue

The current debate among US lawmakers about Dubai Port World’s (DPW) proposed takeover of terminal operations at six US ports may seem far from the oil industry.In fact, that debate chimes in with pressure last year from the US Congress that forced CNOOC Ltd., China’s largest offshore oil producer, out of the running for Unocal Corp., which was eventually taken over by Chevron Corp.Then it was argued that oil and natural gas are strategic assets critical to US national security; hence, Unocal ought not to be in foreign hands. Few in the debate seemed to know or care that more than half of Unocal’s oil and gas production came from seven countries outside North America.Now...

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