Why Is The Obama Administration Allowing China To Buy Up U.S. Oil And Gas Deposits?Michael Snyder, Contributor The Chinese government is using two giant corporations to buy up these energy resources. The first is the China National Offshore Oil Corporation (CNOOC). According to Wikipedia, this corporation is 100 percent owned by the Chinese government. So wherever you see CNOOC or Sinopec you can replace those names with the Chinese government. The Chinese government essentially runs both of those companies. And both companies have been very busy buying up U.S. oil and gas deposits. For example, CNOOC recently completed a 570 million dollar deal that gives it a one-third interest in huge oil and gas deposits in Colorado and Wyoming. The following is from Wyoming Energy News. In fact, according to a recent Business Insider article, this deal gives the Chinese government the right to a third of any new oil discovered by Chesapeake Energy in the entire region. But this is not the only area of the country where China now owns energy rights. The following is an excerpt from a recent state-by-state breakdown that appeared in the Wall Street Journal. The Texas deal was particularly noteworthy. The following is how a San Antonio news source described that deal. With the announcement Monday that it would pay up to $2.2 billion for a one-third stake in Chesapeake Energy assets, CNOOC lays claim to a share of properties that eventually could produce up to half a million barrels a day of oil equivalent. So why is the Obama administration allowing this to happen? Are they so desperate to have China continue lending money to the United States that they would allow the Chinese government to pillage our precious energy resources? Somebody needs to be asking our politicians that question. But oil and gas are not the only U.S. assets that the Chinese have been buying up. In a previous article, I detailed how the Chinese have been purchasing huge chunks of real estate all over the country as well. For example, a recent Forbes article detailed some of the real estate deals that China has been doing in New York. In addition, it was recently announced that the Federal Reserve will now allow Chinese banks to buy up American banks. Where will all of this end? Should all of us start learning to speak Chinese? Meanwhile, our trade deficit with China continues to get even larger. Our trade deficit with China last year was $295.5 billion, which was the largest trade deficit that one country has had with another country in the history of the world. This year, we are already on a pace to break that record. So thousands of businesses, millions of jobs and hundreds of billions of dollars will continue to leave the United States and go to China. And China will continue to use some of the money they are getting from us to buy up pieces of America. Does anyone else out there see something very, very wrong with all of this? This article first appeared here at the American Dream. Michael Snyder is a writer, speaker and activist who writes and edits his own blogs The American Dream and Economic Collapse Blog. Follow him on Twitter here. 