Union76 (or Unocal as it's now known) was the official fuel supplier for NASCAR a couple of years ago. Now Unocal's being sold to the communist Chinese. Is nothing sacred?
Ultimately though, the joke may be on the Chi-Coms. They are overpaying for a money-losing company. The whole thing about free-market capitalism and profit/loss is new to them, so maybe they don't quite get it. I don't own stock in Unocal, so the company's sale is of no interest to me. I do own stock in ExxonMobile though, so the recent spike in oil prices has been quite profitable for me!
The whole theory behind nationalized (socialist) oil companies is a scam- Pemex (Mexico), Petrobras (Brazil), Elf/Total(France), Petronas (Malaysia), Aramco (Saudi Arabia) or SinoPec (Red China).
Companies in free markets, like ExxonMobile, Shell or BP, have to justify their profits, losses and expendiatures (for things like F1 racing), to their shareholders. Socialist companies can spend on whatever they please, and if they operate at a loss, they can just dump it on the taxpayers.
Think about that the next time you see a multi-million dollar F1 car going round the track with sponsorship from a "nationalized" oil company. Those millions of dollars in sponsorship money are taken out of the pockets of hard working tax-payers without their consent.
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