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Democrats fighting Chinese takeover of Canadian oil company

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    Massachusetts Congressman Ed Markey explains

  • Duration 5:29
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China is very -- -- oil as well.

You would rather sell your oil to America -- China certain.

Obviously our closest partner -- trading relationship -- the United States.

It makes sense for us we've been deeply integrated economy.

We are companies.

Operate on both sides of the border much the investment.

The oil -- American it makes sense for us to.

Now have the first relationship with the United States but the prime ministers made it clear that we will sell our oil on world markets to those people who want us.

Well you heard a Canadian official on the show yesterday tell me since the US rejected the Keystone Pipeline candidate is looking to China for business but one deal in particular is not sitting well with some democratic lawmakers here.

Chinese oil companies see -- Is buying Canadian oil company next and for fifteen billion dollars but my next guest is urging Treasury Secretary Geithner to block it and -- and conditions are met.

Ed Markey is a democratic congressman from Massachusetts who joins us now thank you sir.

So when I heard this and I saw the letter.

I was trying to figure out why Tim Geithner would get involved in a deal between China and Canada can you explain that to us.

Well the Canadians.

Own leases on American land that.

Allow applaud them to drill for free not paying any royalties to the American people at all.

And they are selling these leases are proposing to sell these leases to the Chinese.

And I just don't think it's right for the Chinese to be drilling on American -- without -- Any royalties whatsoever to the American people any more than I think it's okay for the Canadians to build a pipeline through the United States a keystone pipeline and then not agreed to keep.

These oil.

That they are transmitting here in the United States they're saying they're free to sell that oil anywhere around the world including to China.

And I don't think we should let the Canadians get away with either the Keystone Pipeline being built.

And not selling New York to Americans are still -- -- -- result of the Chinese city.

You -- two points the first one being you don't think that the Canadian should be allowed to sell.

Some infrastructure here in the United States to the Chinese but.

Me just take you through couple last couple years stat -- is buying.

Upon a partnership in partnership with the with a Texas oil company of -- October 2011.

Sinopec.

Try and another Chinese oil petrochemical company doing a deal with -- shale assets.

North Korea doing a deal the deals go on and on -- but you're picking this deal this Canadian deal.

As the one you want to write a letter to Tim Geithner to say stop -- this one.

Look at it Chinese won't sell us their -- Earth's.

Because they say that's a precious resource that they want to use for the wrong purposes but we needed for our own wind -- -- industry but they say no.

So wouldn't we finally stand up to the Chinese -- we finally say to them we're not letting you take our natural resources it's.

Parents are up you're -- have thought we -- our natural resources we're talking -- Canadian their -- can maybe for the the vast majority of that deal is Canadian -- I'm not American -- can get -- -- -- leases in the United States analysts are obviously land that they should representative royalties as American -- one years in the all of this issue and I've talked about this stuff quite a -- there -- a lot of ways around this number one we can drill our -- all you wanna talk about that.

Number two we can do things like EXL pipeline that would bring.

Hundreds of thousands of barrels a day into America.

Oil that we need but you don't want to do that.

-- she just for the record.

When bush left office in January 20 2009 we were 57%.

Dependent upon imported oil under all bombers drill baby drill agenda we're down to point 5% so he's all those numbers are scary you know you you know yourself that -- Obama said hey it just takes three or four or five years to get -- or putt on the oil.

Molecule lot of ground from permits it to tell you know that's that's so that's how long that's how long it's gonna take to dig out from the bush recession by the -- because that is the one legacy he finally on let's let's that let's and the pipeline for second now you're saying that the second part of that quote he said.

You're concerned about where the refined product after the oil comes down to the Texas.

Refineries you're worried about where that that gasoline goes directly.

Exactly.

So my feeling is -- we have hundreds of thousands of young men and women.

That we sent overseas to protect the implication of oil coming in from the Middle East the Canadians say we want to build a pipeline through your country.

And by the way would not be great for not the American -- -- securities.

We say yeah that would be great potentially will you keep that oil in the United States if we let you build a pipeline 15100.

Miles or what apple person rivers all throughout the United States because it is they know we sent him into the global market we're not gonna keep it in the United States elect you need the pocket can't you tell refineries way to do it whether it's Canadian oil or Saudi Arabian oil or Venezuelan -- You can't tell them where they're gonna sell it anyway doesn't matter so why not bring more oil and bring -- It inexpensive oil -- So I just stop talking about energy independence just stop talking about -- out imported -- if the oil that comes in from the Canadians just gets sold right out of our country and all wee hours a conduit through our country taking all of the environmental -- without getting the benefit of the extra -- that with the with a price to American consumers -- -- in the republic you didn't -- -- stagnated on the heads are and that's what it is it's the environmental -- from athletes they're represented Ed Markey from Massachusetts thank you --

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