China is NOT drilling off our coast, Lulu.  China has an active well on the island of Cuba.  And China is negotiating for drilling in Cuban waters in the Gulf -- along with half a dozen other oil companies from Brazil and elsewhere. 

The negotiations aren't exactly feverish because the oil deposits aren't that great and because they lie at great depth, so (as high as oil is now) it's a very expensive and risky proposition.  Ten years ago, the edge of the envelope was about 1,000 feet in underwater drilling.  Now it's around 9,000 feet.