In my post last week, I departed from the usual media commentary and focused on what I believe is the dangerous position that the US is in regarding energy. We are less than 5% of the world's population yet we use 25% of the world's oil.
Yesterday, a brief blurb was in some publications regarding a Chinese based purchase of a substanial interest in a private company in Canada's Athabasca Tar Sands. Petro-China invested $1.7 billion in Athabasca Oil Sands Corporation's MacKay River and Dover Oil Sands. So what, you might ask.
Well, most of us assume that our major single supplier of oil is Saudi Arabia. Think again, it is Canada! And you can be sure that future oil from these areas will largely be sent to China.
If you want to grow and maintain an industrial economy you need many things but at the top of the list you find oil, steel, and cement. China will get what they need because they have a policy. We do not. Think about it.
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