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Big Oil Doubles Down On Shale Despite Price Drop

Big Oil Doubles Down On Shale Despite Price Drop

Despite depressed crude oil prices…

Trump Warns China Nuclear Tech Exports Will Shrink

nuclear energy

President Trump has warned China that Washington is taking measures to curb the exporting of nuclear technology to China, adding that Americans were not “stupid”, AFP reports as the Department of Energy released yesterday a set of measures “to prevent China’s illegal diversion of U.S. civil nuclear technology for military or other unauthorized purposes.”

"For decades China has maintained a concerted, central government-run strategy to acquire nuclear technology to gain economic advantage," a source from Washington told AFP.

In the Department of Energy release, Secretary Rick Perry said, “The United States cannot ignore the national security implications of China’s efforts to obtain nuclear technology outside of established processes of U.S.-China civil nuclear cooperation.”

As part of these measures, the United States will stop approving new license applications or extend existing authorizations previously granted to the China General Nuclear Power Group—a Chinese state business entity that is under indictment in the United States on charges of conspiring to steal nuclear technology.

The move is part of the wide push from Washington against Beijing, in which the latest episode was the slapping of tariffs on US$250 billion worth of Chinese products.

Yesterday, President Trump, as quoted by The Times, pledged to punish China for its perceived aggression against the United States, saying there was “a lot more to do” to China. He made these comments after reports emerged that a Chinese intelligence officer had been arrested for an attempt to steal technology. The reports were followed by remarks from senior Washington officials that China was the greatest threat to U.S. democracy and security.

Separately, on Fox News, President Trump made it clear the pressure will continue: "They lived too well for too long and, frankly, I guess they think that the Americans are stupid people. Americans are not stupid people," he said.

By Irina Slav for Oilprice.com

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