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Thursday, June 23, 2005

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  "I do not believe it is in the best interest of the United States to have the government-owned Chinese National Overseas Oil Company (CNOOC) obtain an American energy asset such as Unocal. Such an acquisition could come with disastrous consequences for our economic and national security.

As such, I have asked the President to direct the Committee on Foreign Investments in the U.S. to convene and investigate this matter immediately. I believe strongly in a free global marketplace. However, we cannot determine whether CNOOC would be doing the bidding of the free market or the Chinese government as it views its energy, economic and security interests. Asking questions at this time is appropriate.

This should be a wake up call for America to get as serious about energy as China appears to be. At a time when many in Congress seem to view energy as a luxury, the Chinese have recognized that it is truly the lifeblood of a strong and growing economy. The U.S. should be shoring up our reserves, not divesting them to global competitors seeking to fuel their own tremendous economic growth.

Perhaps most importantly, the United States must double its efforts to increase production here at home. Doing so will create good jobs, strengthen our economy and lessen the national security risk associated with foreign dependence and tight global supplies."