And the hits just keep on coming: China buys up Canadian oil sands

Somis points us to a comment at American Thinker:

From our point of view, here in Alberta, Canada, (I know we don't exists on anyone's radar down in the lower forty-eight which is quite normal) we notice Obama's growing ties to the Middle East and who couldn't notice Obama bowing to the Saudi king. As of yesterday we were your single largest oil supplier, somewhere around 20-25% - not the Middle East at .05% of your oil. However, yesterday here in Alberta, specifically here in my hometown, home of the oil sand the second largest oil reserve on earth, our world changed radically!

Today we wake up to the news China quietly bought into the Oil Sands in a big way - 1.6 billion buying up various oil companies accumulating their masses of oil sands leases which is quickly being followed up by billion more developing oil sands plants with pipelines out to the west coast for shipment to China.

Under previous American administrations our Oil Sands were actually listed as part of America's strategic oil reserve and one in which America paid attention to - today all that changed! I wonder how that happened in America's own backyard? Who took their eyes off the real prize? In your own backyard? China certainly didn't!

What in God's name is going on down your way?

If you find out, let me know.

Meanwhile, The Calgary Herald reports

China's oilsands buying spree could herald the start of a fresh wave of foreign investment in Canada and improving trade relations between the two countries, observers said Tuesday.

PetroChina's $1.9-billion purchase of a majority stake in a pair of bitumen projects operated by Athabasca Oil Sands Corp. marks the country's largest direct investment in Canada to date... [and] the PetroChina deal could open the floodgates to Chinese investment in Canada after years of the Asian giant sitting on the sidelines...

...In Calgary, Premier Ed Stelmach welcomed the deal, coming at a time when the oilpatch --and the provincial treasury -- has been hit hard by the global recession.

"This shows that we are going to be game-changers in oil resources around the world," he told reporters. "This is going to help grow our economy. It's not only going to help Alberta, but you'll see this growth realized right across Canada because it's close to a$2-billion investment and we'll see the results of that, very positive results shared by all Canadians."

...Some have suggested the deal threatens Canada's energy security and special trading relationship with the United States, the country's single-largest customer for Canadian oil...

Not to worry. President Obama has better things to worry about than our energy security posture. He's pursuing the prosecution of CIA agents for protecting the United States against terrorist attacks.