Yantai Xinchao and a second Chinese firm will shell out $1.3 billion to purchase oil fields owned by two Texas companies. China has been gobbling up America by investing billions of dollars here. Since 2000, they have been rapidly investing their way to ownership of many industries on the U.S. landscape.
Is this Bye, Bye Texas Oil fields?
The oil fields are owned by Tall City Exploration and Plymouth Petroleum. They border Howard and Borden counties. They are in what’s known as the Texas Permian Basin, and is only part of a LARGER deal with Chinese firms. The Permian Basin is the oldest oil field in Texas. Why do they want it? Shale extraction. And their companies are shaking their investment trees to make it work in a rocky Chinese stock market.
The following map from the Rhodium Group, which monitors Chinese holdings in the United States, shows their investments. Keep in mind, China is a COMMUNIST government and tensions have been high between the U.S. and the Communist regime. The investment is conducted by SME (small and medium sized enterprises) companies in China.
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