A pitch to use American oil exports as leverage against China — good for U.S. energy producers, bad for Beijing's bargaining position.

• The idea: drill more at home and sell oil to China below world prices but still above cost.
• The profit would go toward paying down the national debt, effectively making China help fund it.
• The trade imbalance with China is blamed as a big reason the debt got so large in the first place.
• Squeezing China's energy supply elsewhere while becoming a major exporter would shift the balance of power in trade talks.

Outlook: Expect more talk of energy exports as a bargaining chip in U.S.–China negotiations.