Congressman Ted Yoho

Representing the 3rd District of Florida
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Yoho Statement on Chinese Firm Owning US Oil Resources

May 4, 2020
Press Release

Washington, D.C. - Congressman Ted S. Yoho (R-FL) releaesed the following statement:

“Chinese investment firm, Yanti Xinchao, is purchasing oil fields in the Texas Permian Basin. The area of the Permian Basin being purchased, is owned by Tall City Exploration and Plymouth Petroleum. It is one of the oldest oil fields in America and located in Howard and Borden counties in Texas.

“I believe in free trade but not at the expense of national security. China already has cornered the market on rare earth metals and active pharmaceutical ingredients known as API’s. They control the vitamins, minerals, and medication for our nation’s livestock feed, the trace minerals that go into our fertilizers for agriculture, the seed supply for our farmers to plant, and the chemicals used for noxious weed controls necessary to grow a crop.

“They own the largest pork producers in America, Smithfield, as well as pork processing plants. So how wise is it to let them venture into other sectors of our economy and start owning America’s existing petroleum resources? I would like to also point out that China currently is the world’s largest polluter of CO2 greenhouse gases so should America facilitate their insult on the atmosphere with our own resources?

“China is an adversary of this nation and many others. Their goal is to be the dominant world power both economically and militarily. It’s time for the Trump administration to put a pause on yet another bad deal approved by the Obama administration.

“I believe every American and the members who represent them, need to know about this and put a stop to this weakening of America.”