Exxon used to be the biggest publicaly traded producer of oil. PetroChina, a 13 year old company has surpassed Exxon. PetroChina pumped 2.4 million barrels a day in 2011 according to cbsnews.com. The oil company in Beijing was created by China’s government to secure oil through the tough economy everyone is facing. Oil companies in the west like Exxon are being more conservative than PetroChina, which could be the cause of why PetroChina has surpassed Exxon. Even though gas prices went up 19% last year PetroChina still managed to make money. They have bought new reserves in Iraq, Australia, Africa, Qatar and Canada since 2010. Other Oil companies have tried to buy American Oil Producers in previous years. Will America ever give in and let PetroChina buy where oil is produced in America? Wouldn’t this hurt America giving away their oil production or would it help them cut into the huge amount of money America is in debt to China?
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