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Oil and Gas

Capitol Hill uproar could sink proposed Chinese takeover of Unocal Corp.

As China's demand for energy soars, a state-owned Chinese oil company is trying to buy Unocal for $18.5 billion. But members of Congress say the deal raises serious national security concerns and want the White House to intervene. Is the takeover going to happen or will the Treasury Department nix the plan? How could this affect U.S. energy supplies? And what does this controversy say about the state of relations between China and the United States? Alan Hegburg, senior fellow with the Center for Strategic and International Studies and Patrick Mulloy, a commissioner with the U.S.-China Economic and Security Review Commission, discuss the contentious proposal.