If China National Offshore Oil Corp., or CNOOC, wins the bidding war for Unocal, the El Segundo, Calif.-based oil company, does it follow that that the newly acquired energy will be diverted to China? Not necessarily. Oil is a fungible commodity, and so it’s consumed by the highest bidder, the New Yorker’s James Surowiecki argues. “In today’s world whether or not you own the means of oil production doesn’t affect your access to the stuff.”