CNOOC plans to bid for Unocal-source

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CNOOC plans to bid for Unocal-source


China wanting to buy U.S. assets hmmmm....

I look at the current rally in crude oil prices as a confirmation that oil prices thus gasoline prices are going to stay high for quite some time. Still don't think higher oil prices are "priced in" to a lot of energy related stocks FWIW. I also saw on a stock related message board that the U.S. Senate passed a bill to allow the U.S. government to sue OPEC. I don't have a link to the article (Reuters article) but I'll try and get one. Here's a quote from the article:

"Gas and oil prices are too high and it's time that we do something about it," said Republican Sen. Mike DeWine (news, bio, voting record) of Ohio, who sponsored the amendment along with Democrat Herb Kohl of Wisconsin.


"If OPEC were a group of international private companies rather than foreign governments, their action would be nothing more than an illegal price-fixing scheme," Kohl said.

How dopey can these guys be? I have my doubts whether or not they really believe that this will have bring down the price of crude oil. Kudos to Pete Domenici for pointing this out how ridiculous this assertation is:

Republican Sen. Pete Domenici (news, bio, voting record), the Senate's top energy bill negotiator, called the measure "nothing short of incredible," but did not act to block it.

"These are sovereign nations," Domenici said. "For us to decide here on the Senate floor that we're going to establish some new forum and litigation against the OPEC cartel is nothing short of incredible."