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Steve Chiotakis: And in no place on Earth is demand increasing as much as China. And now the Wall Street Journal reports a Chinese-run oil company may go toe-to-toe against Exxon Mobil. Both are making bids for an oil field in West Africa. From Shanghai, here's Marketplace's Scott Tong.
Scott Tong: The target oil field in West Africa is one of the largest discoveries in recent years. Exxon Mobil has bid $4 billion for a 23.5 percent stake. Now China wants to trump that bid -- and is reportedly partnering with the government of Ghana to make an offer.
David Zweig teaches at the Hong Kong University for Science and Technology.
David Zweig: And China's saying we'll help you do it. We got the cash, we'll bid with your national oil company against Exxon. It's pretty smart politics. I do think this is really going to get the Americans angry. And really raise their antenna.
Zweig says there hadn't been much direct competition between the U.S. and China for hydrocarbons -- until now.
China's oil consumption has doubled the past decade; it's currently the #1 new car market in the world.
Exxon Mobil, meanwhile, is trying to make its first major purchase in a decade; its output fell last year, and says it may not hit its goals this year, either.
In Shanghai, I'm Scott Tong for Marketplace.