I'm not sure what to make of this story in Foreign Policy. It seems like a textbook case of China's nationalist capitalism trumping U.S. security interests. On the other hand, the writers of the piece might have a bad case of sour grapes (but they are upfront about their advisory role to a Western oil & gas firm that got outbid by the Chinese). In related news, Steve LeVine informs us that
The great Arctic oil race is under way.
Yes, it is.