China was investing in the Canadian oil sands long before this decision. Here is an article from September, 2011 that describes their investment. To lay the blame for this at Obama's feet for not letting big oil build an eco-disaster-waiting-to-happen is a blatant lie. The solution to our need for for more energy is developing as rapidly as possible renewable energy sources that can be produced in the US - not getting more oil from foreign markets. Since most of the US oil produced is exported, we can use that to run until the conversion is complete.
China invests billions in Canada oil sands - Houston Chronicle