At the time, Obama did reject a permit for Keystone XL, arguing in his Nov. 6, 2015, statement that the pipeline would not lower gas prices, increase the nations energy security or make a meaningful long-term contribution to the U.S. economy. Debbie Bosanek, assistant to Warren Buffett, told Reuters via email that Mr. Buffett has never seen any report by BNSF projecting whether the Keystone Pipeline would increase or decrease the revenue of the railroad, Bosanek wrote. 27 Feb 2023 23:12:12 While the production of oil has been ramped up, the infrastructure of harvesting the natural gas is not a priority. One reason this claim seems a bit out of place? He did not contribute to Joe Bidens 2020 campaign. The Keystone XL Pipeline has been blocked multiple times for climate, economic, and perceived national-interest reasons. 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. The transaction also meant that Berkshire Hathaway purchased $10 billion of BNSFs outstanding debt. The US State Department confirms that rail is a more dangerous way to transport oil compared to pipelines. Sorry, there are no recent results for popular articles. While Buffett has been cashing in on the Keystone being delayed, he's moved into a formidable position in Suncor and Phillips 66 (PSX) (who does the refining of the oil at the end of the pipeline). It is the company's biggest acquisition ever. It would have carried up to 830,000 barrels per day of crude oil from Alberta, Canada, to. MOST U.S. OIL IMPORTS FROM CANADA USE PIPELINES, NOT RAILWAYS. Correction Feb. 3, 2021: Removing reference to Energy Information Administration / Department of Energy in paragraph 15, the data is from BTS. Warren Buffet would lose billions in transport fees if the pipeline is completed. 'Buoyed by an onshore oil boom, Burlington Northern Sante Fe has become a cash machine for Mr. Buffett,' Investment News reported in 2015. We are concentrating on the wrong pipeline. Although he hasn't spoken publicly about the most recent step forward by the Keystone XL oil pipeline proposal, Warren Buffett has generally supported the project for years. If completed, the $7 billion Keystone XL would deliver 700,000 barrels a day of crude from oil sands in Canada to Texas refineries on the coast of the Gulf of Mexico. The horrible truth is train transport is far more dangerous, energy writer Brian Westenhaus has pointed out. Recently there was a meme going around claiming that President Joe Biden spiked construction of the Keystone XL pipeline on his first day because of political donations from Warren Buffett, the billionaire investor who runs the multinational conglomerate Berkshire Hathaway. Or perhaps its the nutty Qanon conspiracies you see in your Twitter feed. See how politics works? False. It notes that the impacts of a [Keystone XL] cancelation are muted over the medium-term in large extent due to two other pipeline projects just around the corner (Enbridge Line 3 Replacement (L3R) and the TransMountain Expansion project (TMX). These pipelines will likely take rail volumes down to any contractual minimums until 2030.. Warren Buffett did not donate to Bidens. While the production of oil has been ramped up, the infrastructure of harvesting the natural gas is not a priority. Sorry, there are no recent results for popular collections. Warren Buffet donated 58 million to Biden campaign. Union Pacific has a greater value than BNSF. Buffett previously has voiced public support for the Keystone XL pipeline. Warren Buffet owns the railroad that is now transporting all that oil. And railways will always be in need so with demand steady and no further competition, prices can rise over time which will lead to ever more profits flowing to Berkshire. The Keystone pipeline. Why not ally? He also bundled and hosted numerous fundraisers for Obama. Duterte Couldn't Fix Philippines' Food Inflation Problem Can Marcos Do It? The author has no business relationship with any company whose stock is mentioned in this article. Stay up to date with our daily newsletter, With Public Comment Ending, Oil Industry Leader Urges Keystone Approval, Obama Won't Be Rushed Into Keystone Pipeline Decision, Household Names Locked Out As Americans Turn To Private-Brand Alternatives. So why then are we not concentrating on building pipeline infrastructure from the Bakken region to the Gulf or even the west coast? We dont find evidence that the decision was intended to benefit Buffett. While the nation has been arguing over the Keystone, Berkshire Hathaway has been cashing in. Warren Buffett BNSF Acquisition. Maybe its the fake Robin Williams quote your aunt shared on Facebook. The BNSF is one of the largest freight railroad networks in North America, with a rail network of 32,500 route miles in 28 states and three Canadian provinces" ( here ). On the other hand, one should be careful about levying accusations not grounded in facts, and its worth noting that publicly Buffett has actually voiced support for the Keystone XL pipeline, saying it was good for the country., Ultimately, we dont know why the Keystone Pipeline was shut down. While analysts over the years have suggested that the Keystone XL pipeline would take business from BNSF, Buffett voiced his support for the project in a CNBC television appearance in 2014. ", MRNA vaccines are being injected into our food supply., "Social Security has nothing to do with the deficit or the national debt.". Buffett,chairman and CEO of Berkshire Hathaway, did not donate to Bidens presidential campaign, nor did he endorse him. Pfizer made $37 billion in profit in its last quarter. In 2010, Warren Buffett's Berkshire Hathaway acquired BNSF for $26.5 billion. Warren Buffett, chairman of conglomerate Berkshire Hathaway (NYS:BRK.A), said on Wednesday that safety is a major priority for the rail industry, after a recent spate of accidents raised concerns about how to transport oil safely. Buffett does stand to profit from the cancelation of the Keystone pipeline and perhaps a great deal. Warren Buffet would lose billions in transport fees if the pipeline is completed. That said, Reuters claims dont add up, and the news agency omits relevant facts about Buffetts rail operation. Wind farm construction is a possible cause of dead whales washing ashore in New Jersey. Furthermore, a 2013 Pew survey report indicates that a large majority of Americans agree with these common sense ideas. The survey found that 65 percent of Americans support building the Keystone pipeline. He files all filing requirements for political contributions and made no contribution to any PAC.. We don't find evidence that the decision was intended to benefit Buffett. Essentially, improved efficiency is good for consumers and for an economy as a whole, but it can be harmful to less efficient competitors. Maybe that day will eventually come. Without the Keystone Pipeline, were enduring events such as last Julys tank car explosion that killed 47 people and leveled a small town in Quebec. Buffett didnt make any contributions to Bidens 2020 presidential campaign. 801 3rd St. S NEW YORK (MarketWatch) Berkshire Hathaway Inc. said Tuesday it agreed to buy railroad operator Burlington Northern Santa Fe Corp. in a $44 billion deal that Chairman Warren Buffett called "an all-in wager" on the U.S. economy. The author has no position in any of the stocks mentioned. Jonathan Miltimore is the Managing Editor of FEE.org. Interestingly, Union Pacifics stock price fell to a nearly three-year low in March 2020. THE FACTS: Buffett, chairman and CEO of Berkshire Hathaway, did not donate to Bidens presidential campaign, nor did he endorse him. The meme contains information that is demonstrably false. Warren Buffett bought BNSF because he believes that railways play a crucial role in the success of Americas economy. A Facebook post claims the Keystone Pipeline was blocked by Obama to benefit Buffett. Buffett has been reaping the benefits of the Keystone pipeline not being built because of his railroad shipping oil from the Bakken oil fields. Forty-two people were confirmed dead in the 2013 Quebec train disaster, and several more are presumed dead. 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. Buffett, in fact, supported its construction. Warren Buffett did not donate to Bidens presidential campaign, nor did he endorse him. How did it happen? It is not an environmental issue, it is a money issue. But the posts main thesis, that the billionaire investor was a major donor to Bidens campaign, is not true. Disclosure: The author has no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. Our only agenda is to publish the truth so you can be an informed participant in democracy. (In case you didnt know. In just a few short years BNSF had become Berkshire Hathaways single biggest profit driver, Business Insider reported. Cancelled by Biden on first day. See how politics works? Buffett didnt make any contributions to Bidens 2020 presidential campaign. Cancelled by Biden on first day. Roughly a third of the natural gas North Dakota has produced in recent years has been flared rather than sold to customers.The lack of infrastructure for storage and transport pipeline for natural gas have exacerbated this problem. Fact check: Buffett did not donate to Biden; oil that would have been transported through the Keystone XL Pipeline will use existing infrastructure, not Buffett-owned railroad Oil transport had a lot to do with, Investment News reported in 2015. None of this means Warren Buffett had anything to do with Bidens decision to spike the Keystone Pipeline. Instead of shipping Canadian/North Dakotan oil via a pipeline, its coming south via rail tanker cars. 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. Get up-to-the-minute news sent straight to your device. Mr. 727-821-9494. stated on January 27, 2021 in a Facebook post: Says Joe Biden canceled the Keystone pipeline because Warren Buffett donated $58 million to his campaign. Even in May 2020, when much of the economy struggled with the COVID-19 pandemic, So far, Warren Buffett and Berkshire Hathaway have not chosen to purchase, There have been rumors for years that Warren Buffett would buy. A chart shows China and India are leading in per capita carbon dioxide emissions. Buffett previously has voiced public support for the Keystone XL pipeline. While analysts over the years have suggested that the Keystone XL pipeline would take business from BNSF, Buffett voiced his support for the project in aCNBC television appearance in 2014. It has continued adding to its long list of acquisitions since then. Our only agenda is to publish the truth so you can be an informed participant in democracy. Buffett previously has voiced public support for the Keystone XL pipeline. The Trump administration backed the project in the face of objections from environmental groups. Incentives matter, as any economist will tell you. Scientists say this map represents the US in 30 years if we dont reverse climate change.. This brings me to natural gas. A hefty sum, to be surethough one Buffett would hardly feel.). Rail executives themselves have said they expect to see crude-by-rail shipments increase because of Bidens executive order. Berkshire Hathaway already owned 22.6% of the company, so the acquisition gave it total ownership of BNSF. It is not an environmental issue, it is a money issue. Last month, another derailment dumped 4,000 gallons of oil in a town about 20 miles from Pittsburgh. 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. Despite his stake in the railroad business, Buffett still expressed support for the controversial Keystone XL Pipeline. FOLLOW MORE IBT NEWS ON THE BELOW CHANNELS, IBT Fast Start - Let the best of International News come to you. Despite being a railroad proponent, Buffett said he's not against the environmentally controversial Keystone XL Pipeline that would bring crude oil from Alberta, Canada, through the Dakotas. Railway stations helped companies decide where to build factories. Its trains carry energy (such as oil and coal), agricultural and consumer products. Federal Election Commission records show that Buffett made no individual contributions in 2020. Most of the oil that would have been transported by the now-cancelled Keystone XL Pipeline will likely use existing and new pipeline infrastructure, not railways. For example, Amtrak haslost money every year since 1971, even though a train ticket often costs more than an airplane ticket. Our Standards: The Thomson Reuters Trust Principles. In fact, there is no record Buffett gave any money to Bidens 2020 presidential bid, and Buffetts assistant, Debbie Bosanek, confirmed to The Associated Press that he did not. You have permission to edit this article. The 1,700-mile pipeline was planned to carry roughly 800,000 barrels of oil a day from Alberta to the Texas Gulf Coast. Buffett gave no money to the Biden presidency campaign in 2020, Buffett assistant Debbie Bosanek told Reuters. Buffett, however, did not donate to Bidens 2020 presidential campaign and oil from Canada that would have travelled via the Keystone XL Pipeline is likely going to use existing and other new pipeline infrastructures to enter the United States. Its expensive to transport crude by rail, especially over long distances, Ben Cahill, a senior fellow in the Energy Security and Climate Change Program at the Center for Strategic and International Studies, told Reuters. Federal Election Commission records show that Buffett made no individual contributions in 2020. The oil is still flowing but now it's being brought to America on RAIL CARS.. along with dangerous chemicals Guess who owns the Rail Cars.. Ultra Left Extremist Warren Buffett . There's a great article about it on Seeking Alpha. In fact, there is no record Buffett gave any money to Bidens 2020 presidential bid, and Buffetts assistant, Debbie Bosanek, confirmed to The Associated Press that he did not. This caused me to think about what a mistake this whole argument has been. More importantly, the assertion that Buffett donated $58 million to the Biden campaign is bogus. Its important to consider that buying BNSF does more than help Berkshire Hathaway earns returns from within the railway industry. As just one example, forty-two people were confirmed dead in the 2013 Quebec train disaster, and several more are presumed dead. And perhaps thats the answer. 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.". The author has no business relationship with any company whose stock is mentioned in this article. Billionaire investor Warren Buffett affirmed his belief that the Keystone XL pipeline would benefit America if it's approved by the Obama administration. District of Columbia 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. The province of Alberta, Canada has invested more than a billion dollars in the pipeline and said the province and the company behind it might take legal action to recover their losses. The author is not receiving compensation for it. Buffett did contribute to Obamas presidential campaigns. After all, the #1 stock is the cream of the crop, even when markets crash. See how politics works? But rail-car supplies can expand . 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. The dog dewormer fenbendazole can cure cancer in humans. The Biden administration has so far not announced any action against that pipeline. Berkshire Hathaway has an impressively diverse investment portfolio that includes companies in: The company is also a majority and minority shareholder in hundreds of companies. While Buffett donated to the Democratic Congressional Campaign Committee (DCCC, the committee working to elect Democrats to the House of Representatives) and to former astronaut and junior senator Mark Kelly (D-AZ), no other political recipients are listed for this election cycle of 2019-2020 (this was also reported by Yahoo! For starters, it doesnt even spell Buffetts name correctly. BNSF remains a money machine at Berkshire Hathaway, and its preposterous to think that canceling a pipeline that was expected to deliver 300 million barrels of crude each year will not result in increased rail transport of crude (even if other pipelines pick up much of the slack.). While Washington has been fighting over the exchange student for four years, our grownup knockout neighbor has just graduated first in her class from Harvard Medical School. Biden halted the Keystone XL Pipeline on his first day in office through executive order, citing his administrations economic and climate interests. Warren Buffet [t] donated 58 million to Biden campaign. Buffett did not endorse Mr. Biden, but both he and his wife voted for Mr. Biden, Bosanek told the AP in an email. Theyll tell you about how the Middle Easts 1973 and 1979 embargoes against exporting oil to the U.S. resulted in long lines at the gas pump, rules about filling up your tank based upon whether your license plate ended in an even or odd number, etc. Financhill has a disclosure policy. Warren Buffet owns the railroad that is now transporting all that oil. 20006, Florida ", "New government-funded 'food pyramid' says Lucky Charms are healthier than steak. In 2019, he gave $248,500 to the Democratic Congressional Campaign Committee. Why the phrase thumbing our noses? I cannot speculate as to what company may be next for a takeover from Berkshire Hathaway, but I would not be surprised if it owns a license to export LNG from the west coast. The posts say Buffetts railroad is now transporting all that oil following the Keystone XL Pipelines cancellation. That's incorrect. Because of this, operators prefer to use pipelines and use rail only as a backup.. 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.. Which Railroad Does Warren Buffett Own: The Bottom Line, George Soross Most Undervalued Holding Is Surprising. It's also incredibly lucrative. Copyright 2023 IBTimes LLC. But the posts main thesis, that the Berkshire Hathaway CEO was a major donor to Bidens campaign, is not true. Warren Buffet donated 58 million to Biden campaign. Its not that big of a competitor, Buffett said at the time. This is false, as most of the oil that would have made use of the. The text above the photo, which misspells Buffetts name, says: "The Keystone pipeline. Canada is the primary supplier of foreign oil to the United States. 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. Warren Buffet owns the railroad that is now transporting all that oil. Texas Roadhouse is sending vouchers for a free steak dinner for four to everyone who shares and comments on a Facebook post. See how politics works? We need your help. Keystone pipeline Reuters If a Mad magazine existed for economists (that is, we who labor in what's known as the "dismal science"), it would be Warren Buffett's annual March letter to his. I have been in the financial industry since 1999. Which Railroad Does Warren Buffett Own? Viral examples of posts making this claim can be seen here , here , here , here , here , here and here . Mr. Dave Smallen, director of public affairs at the Bureau of Transportation Statistics, sent Reuters estimates for 2020 calculating that of the oil coming from Canada to the United States, 74.4% used pipelines compared to 3% using rail. It is true that Buffetts company, Berkshire Hathaway, owns BNSF Railway, a freight railroad network that transports crude oil. ), The false information can take many forms. 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. If anyone believes the Keystone Pipeline isnt being blocked by Obama on Buffets behalf, Ive got a bridge to sell you. 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. BNSFs value is about half that. (Follow him on Substack.). here ). Analysts have several theories about why Warren Buffett bought BNSF. 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. 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. BNSFs length comes to about 32,500 miles. The same theory circulated during the Obama administration. Cancelled by Biden on first day. Warren Buffet owns the railroad that is now transporting all that oil. Please. "Unusual cancers are exploding right into stage 4" and those cancer cells have the spike protein. Union Pacific is about 400 miles shorter. Warren Buffet donated 58 million to Biden campaign. Oil that the Keystone Pipeline can't handle is now transported into the U. S. by rail. Buffett, in fact, supported its construction. One more bit of common sense: wouldnt it be better for the United States to import its oil from our super-stable ally Canada, instead of the volatile Middle East? However, Reuters argues that Berkshire Hathaway does not stand to benefit from the demise of the Keystone XL. Financhill just revealed its top stock for investors right now so there's no better time to claim your slice of the pie. Unfortunately, passenger trains have suffered for decades. Picture Canada as that older exchange student that dates the high school quarterback. Education is a BS in Applied Mathematics, another BS in History, MBA studies all at Ohio schools. Reuters reported in 2013 - when the Keystone XL was being debated - that some industry officials, energy analysts and recent data raised questions about whether the industry really is eager to adopt crude-by-rail, primarily pointing to the economic cost of using rail over pipelines ( here ). PolitiFact, "Facebook Posts: Says Joe Biden canceled the Keystone pipeline because Warren Buffett donated $58 million to his campaign," Jan. 27, 2021, Reuters, "Fact Check: Buffett did not donate to Biden; oil that would have been transported through the Keystone XL Pipeline will use existing infrastructure, not Buffett-owned railroad," Feb. 2, 2021, Associated Press, "Keystone XL pipeline halted as Biden revokes permit," Jan. 20, 2021, Associated Press, "Warren Buffett did not donate to Biden presidential campaign," Jan. 28, 2021, FactCheck.org, "Buffett Didnt Donate to Biden or Cause Pipeline to be Cancelled," Feb. 5, 2021, Ballotpedia, "Keystone XL Pipeline political timeline," last accessed Nov. 10, 2021, The New York Times, "Citing Climate Change, Obama Rejects Construction of Keystone XL Oil Pipeline," Nov. 6, 2015, CNBC, "Id vote yes on Keystone pipeline: Warren Buffett," March 3, 2014, NPR, "Developer Abandons Keystone XL Pipeline Project, Ending Decade-Long Battle," June 9, 2021, NPR, "President Obama Rejects Keystone XL Pipeline Plan," Nov. 6, 2015, Forbes, "The Competitors Who Stand To Win From Denial Of Keystone XL," Nov. 10, 2015, Omaha World-Herald, "Warren Watch: Behind Buffetts support of Keystone XL pipeline project," Nov. 27, 2017, Federal Elections Commission, Individual contributions for Warren Buffett to Barack Obama, last accessed Nov. 12, 2021. Nor did Buffett campaign in favor of the current president. These vehicle margins peaked in the first half of 2022 and declined in the second half. There have been rumors for years that Warren Buffett would buy Union Pacific. Please do not edit the piece, ensure that you attribute the author and mention that this article was originally published on FEE.org. It is not an environmental issue, it is a money issue the Facebook post reads. Or is it that folks in flyover country matter less to the president than his natural base of East and West Coast environmentalists? Its not that big of a competitor, Buffett said at the time. campaign, nor did he endorse him. It is true that Buffett's company, Berkshire Hathaway, owns BNSF Railway, a freight railroad network that transports crude oil. All quotes delayed a minimum of 15 minutes. Written in a breezy, sometimes cheeky tone, its a harbinger of spring, like sighting the first robin of the year. Buffett has been reaping the benefits of the Keystone pipeline not being built because of his railroad shipping oil from the Bakken oil fields. Months later, in an interview with Charlie Rose, the sage of Omaha admitted the price tag was steep. When President Donald Trump took office, his administration backed the project in the face of objections from environmental groups and attempted to revive the pipeline, but ultimately made little progress. Warren Buffett's company Berkshire Hathaway purchased 77.4% of BNSF shares for $100 each on November 2, 2009. Photo of electric charging station powered by diesel generator is emblematic of the electric vehicle movement. 33701 Im not an engineer, but plain common sense indicates it would be safer to ship Bakken oil through a smooth pipeline instead of by rail. Correcting Wood Mackenzie team name in paragraph 22. Berkshire Hathaway already owned 22.6% of the company, so the . Copyright IBTimes 2023. A map of the Keystone XLs route alongside the existing Keystone Pipeline System, operating since 2010, can be seen here . By purchasing BNSF, Buffett made an investment that helps streamline the supply chain processes of his other businesses. See how politics works? The Biden administration is not likely to take any action against that, especially since some of the trains are owned by billionaire and Biden-supporter Warren Buffett. Analysts have several theories about why Warren Buffett bought BNSF. Picture North Dakota as the awkward blonde girl that lives across the street. And consumer products now so there 's no better time to claim your slice of the pipeline. 20 miles from Pittsburgh existing Keystone pipeline is a more dangerous, energy writer Brian Westenhaus pointed. Published on FEE.org 's a great article about it on Seeking Alpha, operating since 2010, Buffett! 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