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Commodities, China, and American foreign policy: how all are linked.

Publication: The International Economy
Publication Date: 22-JUN-06 		Format: Online
Delivery: Immediate Online Access

Article Excerpt
Future historians will note that President Hu Jintao followed up his visit to Washington in April 2006 with trips to Saudi Arabia and Nigeria. He went to the Middle East and Africa in search of a commodity which he did not feel that he could obtain in the United States: oil.

President Bush should have discussed energy policy with Hu Jintao because China has an insatiable demand for oil and other commodities which could have profound implications for the American economy. China's demand for commodities is now so great that it is increasingly the price setter in global markets. If the United States does not collaborate with China in promoting more conservation and energy efficiency, her demand for oil could drive the price over $100 per barrel during the next five years. The decision of the U.S. Congress to block the Chinese bid for Unocal last summer has also increased the risk that China will turn to rogue states such as Iran, the Sudan, and Venezuela in a search for energy supplies.

The debate about the Unocal bid last summer was so myopic Americans did not recognize that it was only a minor chapter in a much larger story. We passed a great threshold in world economic history during 2003 and 2004. China displaced the United States to become the world's leading consumer of...

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