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China Quietly Buys Up Global Oil Reserves

While U.S. oil companies focus on recovering from Hurricane Katrina and consumers are paying over $3 a gallon for gasoline in most parts of the country, America's next energy crisis is looming quietly in the background, according to Jim Trippon, editor of the China Stock Digest.

Houston, TX (PRWEB) September 17, 2005 -- Americans are suffering at the gas pump while U.S. oil companies recover from Hurricane Katrina. Although the American public is focused on the devastation in New Orleans and Mississippi, China stock expert Jim Trippon says, "America’s next oil crisis is quietly brewing already and that crisis is with China."

Most American's will remember the recent news of China's attempt to purchase Unocal. According to Trippon, the multi-billion dollar deal, which was called off due to vocal Congressional opposition, is only a foretaste of the coming global competition for oil reserves. Trippon cites as proof the deal announced this week that China’s two largest oil companies will buy the assets of Canada’s EnCana in Ecuador for $1.42 billion.

Chinese President Hu Jintao, recently speaking at the United Nations, urged heads of state to work together for energy market stability. However, Trippon notes that it is only natural to expect that China will pursue the "economics of self interest" in an era of rapid economic growth and sky high oil prices. Trippon points at China’s policy of "Energy Security" as a possible reason for China quietly buying oil reserves while America is focused on its recent hurricane.

Trippon feels the mainstream investment community has overlooked the importance China’s growing power in world energy markets and what it will mean for American consumers at the pump. "We had better get used to high gas prices," says Trippon. Trippon, an investment consultant to some of America's wealthiest families, is also the editor of the China Stock Digest.

The China Stock Digest which will launch in December 2005, is a new monthly publication that focuses on helping individual investors and business people understand and profit from China’s economic trends and rapid growth.

Trippon is available for media interviews on short notice.

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