2006年VOA标准英语-Petrodollar Investment in US on the Rise

By George Dwyer
Washington
13 March 2006
 
Watch Dwyer report

The controversy¹ over a Dubai-owned company's purchase of a British ports operations firm that manages several U.S. seaports² has highlighted the issue of direct foreign investment in the United States.

Opponents of the practice cite sovereignty and security concerns. This week they were able to alter the ports investment scheme. But as VOA's George Dwyer reports, investment in the U.S. from Arab oil-producing nations takes a wide variety of forms and seems to benefit both sides.

Middle Eastern oil suppliers, flush with cash reserves as energy prices have soared in recent months, are increasingly looking to the United States for investment opportunities to recycle what are known as Petrodollars.

Monty Graham  
  
"They are basically looking for as high a return as possible at as low a possible risk," said Monty Graham, a Senior Fellow at the Institute for International Economics in Washington, D.C.  "Foreign direct investment in general brings substantial benefits including sometimes technology transfers, sometimes productivity enhancements, sometimes what we call spillovers which are benefits which eke³ out into the economy as a whole."

The U.S. government reports that roughly $9 trillion of U.S. financial assets were held by overseas concerns in 2004. Of that, Middle Eastern oil exporting countries held only a small percentage, including about $120 billion in U.S. government securities, plus a variety of corporate⁴ acquisitions and some real estate.

Mr. Graham says there is a strong preference, "The preference of the Middle Eastern investors⁵ seem to be strongly for real estate investments.  And I would attribute this to two things - that real estate is liquid, it can be sold quite easily, and it offers a reasonable return at quite a low risk."

Mr. Graham says Foreign Direct Investment frequently results in the creation of high-wage U.S. jobs.

But direct foreign investment can also raises national security concerns - as it did in the case of the Dubai ports management deal - when it involves so-called critical infrastructure⁶. And then there is the issue of the growing U.S. trade deficit⁷.

The U.S. reported a $726 billion trade deficit last year, and it is growing. In contrast, Middle Eastern oil exporters are enjoying growing trade surpluses. When countries import more than they export - as the U.S. has been doing - they can become increasingly dependent on foreign capital investment - and that may be cause for concern.

Mr. Graham adds the trade deficit must be raised.

"Because of the trade deficit the U.S. must raise about $800 billion a year in capital inflows from foreigners abroad, investments from the Middle East are not a big portion of this, but we are frankly⁸ in a position where every little bit helps and every little bit is necessary," he said.

Still, for all the attention the matter has attracted in recent weeks, Arab petrodollar leverage⁹ in the U.S. economy is - for the moment at least - relatively¹⁰ slight. As 2005 began, investors from Arab nations held just $4 billion in direct investment in the United States. By contrast, British investors held $252 billion.

1 controversy   

n.争论，辩论，争吵

参考例句：

• That is a fact beyond controversy.那是一个无可争论的事实。
• We ran the risk of becoming the butt of every controversy.我们要冒使自己在所有的纷争中都成为众矢之的的风险。

2 seaports   

n.海港( seaport的名词复数 )

参考例句：

• Airports have joined seaports as ports of entry for the visiting foreigner. 机场和海港一样成为来访的外国人的入境关口。 来自互联网
• Sanya has 16 seaports, 10 islands and 180km of coastline. 三亚有16个港口、10个海岛和180公里的海岸线。 来自互联网

3 eke   

v.勉强度日，节约使用

参考例句：

• They had to eke out a livinga tiny income.他们不得不靠微薄收入勉强度日。
• We must try to eke out our water supply.我们必须尽量节约用水。

4 corporate   

adj.共同的，全体的；公司的，企业的

参考例句：

• This is our corporate responsibility.这是我们共同的责任。
• His corporate's life will be as short as a rabbit's tail.他的公司的寿命是兔子尾巴长不了。

5 investors   

n.投资者，出资者( investor的名词复数 )

参考例句：

• a con man who bilked investors out of millions of dollars 诈取投资者几百万元的骗子
• a cash bonanza for investors 投资者的赚钱机会

6 infrastructure   

n.下部构造，下部组织，基础结构，基础设施

参考例句：

• We should step up the development of infrastructure for research.加强科学基础设施建设。
• We should strengthen cultural infrastructure and boost various types of popular culture.加强文化基础设施建设，发展各类群众文化。

7 deficit   

n.亏空，亏损；赤字，逆差

参考例句：

• The directors have reported a deficit of 2.5 million dollars.董事们报告赤字为250万美元。
• We have a great deficit this year.我们今年有很大亏损。

8 frankly   

adv.坦白地，直率地；坦率地说

参考例句：

• To speak frankly, I don't like the idea at all.老实说，我一点也不赞成这个主意。
• Frankly speaking, I'm not opposed to reform.坦率地说，我不反对改革。

9 leverage   

n.力量，影响；杠杆作用，杠杆的力量

参考例句：

• We'll have to use leverage to move this huge rock.我们不得不借助杠杆之力来移动这块巨石。
• He failed in the project because he could gain no leverage. 因为他没有影响力，他的计划失败了。

10 relatively   

adv.比较...地，相对地

参考例句：

• The rabbit is a relatively recent introduction in Australia.兔子是相对较新引入澳大利亚的物种。
• The operation was relatively painless.手术相对来说不痛。