The all-cash $18.5 billion bid from China National Offshore Oil Company (CNOOC) to acquire Unocal Oil Company of the US was severely resisted by both US Congress and Chevron Corporation. It was yet another example of the United States (US) state influence on corporate planning and growing protectionist obstacles to China's globalisation. The entire effort on the part of the government and the US oil major forced CNOOC to abandon its bid and cleared the way for Chevron, which had quoted a much lower price of $17.7 billion. The entire episode sparked heated controversy around the globe. Those who opposed the bid viewed it as a Chinese bid to control vital energy resources, while others fretted about possible retribution against the US companies operating in China and a weakening of the US efforts to push for freer markets around the globe
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