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Lawmakers Alarmed by China's Bid for Unocal

The takeover bid by China's third largest oil company for Unocal is evidence of the country's voracious appetite for energy. The $18.5 billion offer is likely to spark a bidding war with Chevron. Some U.S. lawmakers are outraged at the thought of a Chinese company taking over a U.S. oil and gas firm.

Copyright 2005 NPR

Scott Horsley is NPR's Chief Economics Correspondent. He reports on ups and downs in the national economy as well as fault lines between booming and busting communities.