CNOOC Limited (ADR) (CEO), Caterpillar Inc. (CAT): Should We Be Worried About China’s North American Energy Grab?

Indeed, as was stated in a Christian Science Monitor article earlier this week, “In fact, say Chinese Arctic experts and foreign observers, the attention that Beijing is paying to a minnow state with a population 5,000 times smaller than its own is all part of China’s bid to stretch its influence into the Arctic as part of a global vision.” In the process, Chinese authorities are terming their country a “near Arctic nation.” Never mind that the country sits at least 1,000 miles from the Arctic Circle.

China is also lobbying to be dubbed a permanent observer of the Arctic Council, a group that will meet next month in Tromso, Norway. However, the U.S. and Canada are likely to use their veto power to thwart that ploy. But given China’s dogged determination to become a progressively bigger energy player, such a roadblock could turn out to be very temporary.

Perhaps even more meaningful will be President Obama’s impending decision on whether to approve TransCanada Corporation (USA) (NYSE:TRP)‘s proposed Keystone XL pipeline. It’s likely that, with another negative decision from the president, Canada will seek to become an even closer pal of China’s than is already the case.

The article Should We Be Worried About China’s North American Energy Grab? originally appeared on Fool.com.

Fool contributor David Smith owns shares of Chesapeake Energy. The Motley Fool recommends and owns shares of National Oilwell Varco and has options on Chesapeake Energy.

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