The competition and cooperation between U.S.multinational oil companies and the U.S.govern-ment,their basic advantage and goals determine their ability to intervene in the South China Sea dispute.The attraction of rich oil and gas reserves in the South China Sea,its neighboring countries' institutions and U.S. driving forces make U.S.multinational oil companies deeply involved in the South China Sea dispute.U.S. multinational oil companies have not only exacerbated the dispute and gave the claimant countries more space and opportunities to manipulate the issue,but also stimulated them to legalize their vested interests in the South China Sea region and strengthened non-regional countries'containment toward China.The constraints of interna-tional institutions and these companies'dual identity and measurable benefits in China determine the limits of A-merican intervention in the South China Sea dispute.%美国跨国石油公司的基本优势、目标追求及与美国政府的竞合关系，是影响其干预南海问题能力的三个基本因素。南海丰富的油气资源吸引力、周边国家的制度性诱惑力及美国自身的推动力，促使美国跨国石油公司深深地卷入南海问题，并发挥其高效的干预能力。美国跨国石油公司使南海问题朝着非良性化发展，给南海争议国提供了发挥作用的机会与空间，使域内外国家联手制衡中国的动机更加强烈。但美国跨国石油公司的双重身份、其在华重大利益的存在以及国际制度的约束，决定了美国跨国石油公司对南海问题的干预是有限度的。
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