The race for new-energy dominance is officially on. Earlier this month two of China’s oil giants, Sinopec and Cnooc, as well as Saudi Arabia’s state-owned oil company, Saudi Aramco, announced they would all seek to buy the same 30 percent stake in American hydraulic-fracturing-services firm Frac Tech Holdings LLC.

The announcements, arriving amidst great excitement about the potential of natural gas development in the United States, could touch off a competition worth up to $2 billion — and possessing far-reaching implications for both the global energy game and a still-foundering U.S. economy. View full article »