CNOOC's bid to purchase Unocal was challenged in the Congress because
A) CNOOC was linked to illegal arms sales to Taiwan.
B) CNOOC was believed to have ties to al Qaeda.
C) an American company, Texaco, had offered to pay more for the company.
D) by law, foreign corporations cannot control more than 10 percent of the total U.S. oil supply.
E) concerns were raised about foreign control of the U.S. oil supply.

Question

Quizplus · Accepted Answer

The bid by CNOOC (China National Offshore Oil Corporation) to purchase Unocal, an American oil company, raised concerns in the U.S. Congress primarily due to worries about the implications of allowing a significant portion of the U.S. oil supply to come under the control of a foreign government-owned entity. This concern was rooted in issues of national security and energy independence, rather than the specific reasons listed in the other options.

CNOOC's Bid to Purchase Unocal Was Challenged in the Congress