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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

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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.