China’s state-owned oil companies have been perking up their aggressiveness in acquiring oil assets with recent deals to buy Canada’s Nexen (NXY) and 49% of the U.K. business of Talisman Energy. By buying at a time of overall market distress and uncertainty these assets were purchased at a significant discount to what the prices would have been several months ago. During the “Great Recession” China was extremely active in going after assets on the cheap because the Chinese government has an actual long term plan. While United States politicians play partisanship with a bureaucratic mastery to stifle job promoting ventures, China maintains a focus on wealth creation through prudent investments. I’m not a fan of much of what China does but I do appreciate this long term economic focus and I believe the United States should have plans to reduce debt, while helping businesses create jobs. If the government would stop the witch hunts and political stonewalling much more could be done to help this economy which needs serious help 4 long years after the Financial Crisis.
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