China's Thirst for Oil (Part 2)

Remember I mentioned Chinese Thirst for Oil Comes to America, well I have an update. It appears that Chevron has upped it's bid -- though not as high as China Unocal is in favor of it...

PHILADELPHIA/SINGAPORE (Reuters) - U.S. oil producer Unocal Corp. (NYSE:UCL - news) endorsed a sweetened $17 billion takeover offer from Chevron Corp., preferring it to a higher bid from China's state-run CNOOC Ltd. (0883.HK). (Reuters