China And Exxon Mobil Are Locked In A Bidding War Over Large New Oil Find…..

Posted By on October 14, 2009

“China National Offshore Oil Corp and Exxon Mobil are about to enter a bidding war over oil-rich water near Ghana. At stake is ‘Jubilee,’ a recently discovered offshore site that probably holds a couple billion barrels of oil. This isn’t China’s state-owned offshore oil company’s first foray into the global energy grab, but its one of its biggest. Exxon currently has the winning bid – $4 billion.

“Technically it’s going to be a ‘bidding war,’ but really its just a matter of how much China is willing to pay. The Red Nation announced this morning that its foreign exchange reserves rose $178 billion in the third quarter to $2.27 trillion – the biggest national war chest in the history of fiat money…a feat they’ve accomplished in a remarkably short time:

US Consumption vs. Chines Savings

From The Daily Reckoning

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