The meme (which I wont link to because I dont want to get slapped down for spreading fake news) went like this: The Keystone pipeline. His writing/reporting has been the subject of articles in TIME magazine, The Wall Street Journal, CNN, Forbes, Fox News, and the Star Tribune. Biden cancellation of Keystone XL pipeline was not a favor to Warren Buffet. Where are those proposals which certainly make sense in this changing energy climate that we live in? Duterte Couldn't Fix Philippines' Food Inflation Problem Can Marcos Do It? Buffett has expressed his support for the Keystone XL Pipeline, even though it would have competed against his Burlington Northern railroad, which transports crude. Warren Buffet owns the railroad that is now transporting all that oil. Union Pacific has a greater value than BNSF. (In case you didnt know. The author has no business relationship with any company whose stock is mentioned in this article. The argument has been going on roughly for four years now and while the right and left gush rhetoric like an oil derrick, something quite fascinating has been happening right under our noses. Photo of electric charging station powered by diesel generator is emblematic of the electric vehicle movement. Buffett says that heconsiders buying BNSF anall-in wager on the economic future of the United States.. Warren Buffet owns the railroad that is now transporting all that oil. Oil transport had a lot to do with, Investment News reported in 2015. Official govt docs expose Michelle Obamas 14 year history as a man., "Woody Harrelsons 60 seconds in the middle of his monologue was cut out of the edits released after the show., BREAKING Trump preps Marines to stop presidential coup.. The increased capacity of Burlington Northern to move oil caused Oneok (NYSE: OKE), one of the owners of the Northern Border Pipeline Company (with TransCanada Corporation (TRP)), to make an announcement that it would not be continuing to build oil pipeline from the Bakken area through North Dakota and Montana to Cushing, OK. Cushing is a hub to transport oil and natural gas down to the Gulf. The author is not receiving compensation for it. Why are we importing the oil from Canada to be refined here? Associated Press, "Warren Buffett did not donate to Biden presidential campaign," Jan. 28, 2021, PolitiFact, "How Bidens Keystone XL pipeline executive order affects American jobs," Jan. 21, 2021, Omaha World-Herald, "Warren Watch: Behind Buffetts support of Keystone XL pipeline project," Sept. 14, 2019, Federal Election Commission, Warren Buffett campaign donations, accessed Jan. 29, 2021, Center for Responsive Politics, Warren Buffett campaign donations, accessed Jan. 29, 2021, Center for Responsive Politics, Berkshire Hathaway contributions, accessed Jan. 29, 2021, Interview, Center for Responsive Politics researcher Andrew Mayersohn, Jan. 29, 2021. I think probably the Keystone pipeline is a good idea for the country. Bosanek told the AP that Buffett had not offered any opinions about the project more recently that he can remember, nor did he have a stance on how it would impact his business. Months later, a curious social media post suggested the demise of the planned pipeline was the work of former President Barack Obama and was done as a favor to billionaire investor Warren Buffett. The image includes a photo of a pipeline. Some estimates put Union Pacifics overall value at more than $105 billion. Analysts have several theories about why Warren Buffett bought BNSF. It is true that Buffetts company, Berkshire Hathaway, owns BNSF Railway, a freight railroad network that transports crude oil. All quotes delayed a minimum of 15 minutes. The Keystone oil pipeline is good idea for the United States, Warren Buffett said Monday, even though it would take away some business from his Berkshire Hathaway rail subsidiary BNSF. Despite his stake in the railroad business, Buffett still expressed support for the controversial Keystone XL Pipeline. It boils down to this. The Trump administration backed the project in the face of objections from environmental groups. ", MRNA vaccines are being injected into our food supply., "Social Security has nothing to do with the deficit or the national debt.". In just a few short years BNSF had become Berkshire Hathaways single biggest profit driver, Business Insider reported. "Unusual cancers are exploding right into stage 4" and those cancer cells have the spike protein. Warren Buffett would lose billions in transport fees if the pipeline is completed. The US State Department confirms that rail is a more dangerous way to transport oil compared to pipelines. Warren Buffet would lose billions in transport fees if the pipeline is completed. In 2018, he gave $33,900 to the Democratic Congressional Campaign Committee, $33,900 to the Democratic Senate Campaign Committee, and $2,700 each to the campaigns of Democrats Donna Shalala and Rufus Gifford. Last month, another derailment dumped 4,000 gallons of oil in a town about 20 miles from Pittsburgh. By Keystone pipeline, the posts are referring to the Keystone XL Pipeline, a project cancelled by Biden on his first day in office on Jan. 21, 2021, dealing a death blow to a long-gestating project that would have carried 830,000 barrels per day of heavy oil-sands crude from Alberta to Nebraska. and $5,800 to Democratic Arizona Senator Mark Kellys campaign. As Reuters admits, Berkshire Hathaway does in fact own one of the largest railroad networks in North America: the Burlington Northern Santa Fe Corp, which runs 32,500 route miles crossing 28 states and several Canadian provinces. The Biden administration has so far not announced any action against that pipeline. See how politics works? Trains still offer a fast, low-cost way to move materials. The newly widened Panama Canal opening in 2015 will be able to serve 89% of the LNG Shipping Freightors. Written in a breezy, sometimes cheeky tone, its a harbinger of spring, like sighting the first robin of the year. stated on February 4, 2023 in an Instagram post. A Facebook post that has been shared more than 60,000 times suggests Biden halted the pipeline not for environmental reasons, but as a favor to Buffett. He also bundled and hosted numerous fundraisers for Obama. Berkshire Hathaway has a huge amount of cash that lets it invest in practically any business. During this year, 110.2 million barrels of crude oil were transported from Canada to the United States by rail ( here ), meaning only about 8% of the years imports from Canada traveled by rail. But rail-car supplies can expand . The internet is not known as a purveyor of truth. Financhill has a disclosure policy. If you go to page 11, youll see Buffetts discussion of the success of Berkshires railway, BNSF. Did you think Buffett would buy those cars himself because he loves protecting little bunny rabbits? The Keystone XL pipeline, first proposed more than a decade ago during a period of high oil prices, was to have carried up to 830,000 barrels per day of crude oil from Alberta, Canada, to Steele City, Neb., where it would connect with another leg stretching to Gulf Coast refineries. APS ASSESSMENT: False. Buffett didnt make any contributions to Bidens 2020 presidential campaign. He added that the delay in the construction of the Keystone pipeline was unlikely to prompt additional purchases of tank cars at Berkshire railroad unit BNSF. See how politics works? Its important to consider that buying BNSF does more than help Berkshire Hathaway earns returns from within the railway industry. Sorry, there are no recent results for popular articles. Thats incorrect. It's also incredibly lucrative. The purchase had a value of about $44 billion, making it the largest acquisition in Warren Buffetts career. Buffett doesnt believe in short-term investment strategies that can lead to quick profits. Records from the Federal Election Commission and the nonprofit Center for Responsive Politics show that Buffett, a donor to Barack Obamas and Hillary Clintons presidential campaigns, did not contribute to Bidens 2020 presidential campaign. A chart shows China and India are leading in per capita carbon dioxide emissions. So why all the fuss about the pipeline from Canada? The 1,700-mile pipeline was planned to carry roughly 800,000 barrels of oil a day from Alberta to the Texas Gulf Coast. Cashing in on our political climate and being one step ahead of his competitors is old hat to this Nebraskan. It is not an environmental issue, it is a money issue the Facebook post reads. The author is not receiving compensation for it. He will then move on to LNG, and find a way to move the LNG to the west coast to export to Asia either by his railroad or pipelines (some of which already exist and are owned through Berkshire Energy). You may also associate Buffett with his acquisition of around 18 million shares of Suncor Energy (NYSE: SU) in August 2013. Reuters never asks this question, though it concedes moving oil by rail is less efficient. It is the company's biggest acquisition ever. Unfortunately, passenger trains have suffered for decades. Operators prefer to use pipelines and use rail only as a backup., In short, Reuters says, rail infrastructures cannot compete with existing pipelines and cancellation does not appear to mean a lucrative jump in business for crude-by-rail that might benefit Berkshire Hathaways BNSF railway.. We will, at the gas pump. Maps of the Keystone Pipeline System and Keystone XL Pipeline show its route: they Keystone XL would have created a shortcut in transporting oil from Alberta to Nebraska, while the existing Keystone Pipeline System connects the Canadian source to multiple U.S. states ( here ). But. The 1,700-mile pipeline was planned to carry roughly 800,000 barrels of oil a day from Alberta to the Texas Gulf Coast. here ). Warren Buffet donated 58 million to Biden campaign. Instead of shipping Canadian/North Dakotan oil via a pipeline, its coming south via rail tanker cars. In 2019, for example, the United States imported 3.7 million barrels per day from Canada ( here ), about 1.35 billion barrels for the year. That's incorrect. Buffett assistant Debbie Bosanek told the Associated Press, "Mr. Buffett has never seen any report by BNSF projecting whether the Keystone Pipeline would increase or decrease the revenue of the railroad.". Warren Buffett's company Berkshire Hathaway purchased 77.4% of BNSF shares for $100 each on November 2, 2009. As Reuters notes, the post is referring to the Keystone XL Pipeline, a project Biden canceled by executive order on his first day in office. Morningstar analyst Gregg Warren projects that the Dominion pipeline assets will generate $1 billion in earnings before interest, taxes and depreciation and amortization, for Berkshire Hathaway. Warren Buffett currently owns one railroad, BNSF. An image shared on Facebook claims Biden canceled the Keystone XL pipeline because Buffett "donated $58 million" to his campaign. Obama Crony Warren Buffet Biggest Winner From Keystone Pipeline Rejection Results 1 to 2 of 2 Thread: Obama Crony Warren Buffet Biggest Winner From Keystone Pipeline Rejection With Burlington Northern's testing of LNG powered locomotive and their interest in shipping LNG on trains, what's Warren's next move? Bidens executive order revoking the permit for the project read, Leaving the Keystone XL pipeline permit in place would not be consistent with my Administrations economic and climate imperatives.. Dyson is canceling their contract with Walmart and selling off Dyson Supersonic hair dryers only for $1!. In spite of all these events and factors, the environmentalists keep insisting the Keystone Pipeline is too dangerous. President Barack Obama's decision to withhold approval of the Keystone XL pipeline will hugely benefit one of his largest supporters - Warren Buffett. Disclosure: The author has no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. Correction Feb. 3, 2021: Removing reference to Energy Information Administration / Department of Energy in paragraph 15, the data is from BTS. More stunning: The business is on pace to return all the cash Mr. Buffett spent taking it private by the end of this year., None of these facts made it into Reuters fact check.. But one reason, perhaps, is that the pipeline was spiked because of its low cost and efficiency. Cellphone data used to arrest the Idaho quadruple-murder suspect proves that criticism of the 2000 Mules movies use of cell data is unfounded. Warren Buffet donated 58 million to Biden campaign. Is this happening to you frequently? This is false, as most of the oil that would have made use of the. The author has no position in any of the stocks mentioned. When Warren Buffett was asked what he thought about the Keystone Pipeline he responded with: Canada's been a terrific partner for us over the decades and it is wrong for us to thumb our nose at them. Why would anyone spike an oil pipeline capable of transporting more than 300 million barrels of crude a year when moving oil by pipeline is cheaper, safer, and more environmentally friendly than moving it by rail? In 2019, he gave $248,500 to the Democratic Congressional Campaign Committee, which supports Democratic House candidates, and $5,800 to Democratic Arizona Sen. Mark Kellys campaign. District of Columbia As environmental groups hail President Obama's rejection of the Keystone XL pipeline, Warren Buffett is set to reap a handsome reward from the decision. 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keystone pipeline warren buffett railroad