The transaction also meant that Berkshire Hathaway purchased $10 billion of BNSFs outstanding debt. and $5,800 to Democratic Arizona Senator Mark Kellys campaign. Warren Buffett did not donate to Bidens presidential campaign, nor did he endorse him. The action was essentially a nail in the coffin to a project that would have carried 830k barrels of heavy oil-sands crude from Alberta to Nebraska per day. Biden cancellation of Keystone XL pipeline was not a favor to Warren Buffet. Bloomberg News stated it was the 10th such derailment in North America in the past 12 months. Disclosure: The author has no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. stated on February 20, 2023 in an Instagram post. Bylines: Newsweek, The Washington Times, MSN.com, The Washington Examiner, The Daily Caller, The Federalist, the Epoch Times. If anyone believes the Keystone Pipeline isnt being blocked by Obama on Buffets behalf, Ive got a bridge to sell you. Ugur Sahin, CEO of BioNTech and inventor of the BIO N TECH Pfizer jab, refuses to take the jab for safety reasons.. We need your help. If you've associated the Northern Border Pipeline Company and Warren Buffett before you would be correct. A hefty sum, to be surethough one Buffett would hardly feel.). Buffett, in fact, supported its construction. There's a great article about it on Seeking Alpha. 33701 Nor did the article discuss the adverse impact of shipping oil by rail. Maybe its the fake Robin Williams quote your aunt shared on Facebook. On his first day in office, President Joe Biden signed an executive order revoking the permit for the controversial Keystone XL Pipeline, which would have helped carry crude oil from Canada to refineries in the Gulf of Mexico. Another factor in these crashes/derailments is that much of the crude oil involved is of a type (Bakken) that ignites at a lower temperature than other types, due to the higher levels of natural gas in Bakken oil. BNSFs length comes to about 32,500 miles. This claim defies both common sense and an abundance of research, however. The Canadian Prime Minister, Justin Trudeau, had a rocky relationship with President Trump. oil. Biden said he issued an executive order canceling the pipelines construction permit for economic and environmental reasons. This is false, as most of the oil that would have made use of the Keystone XL will likely travel through existing and new pipelines. The end result is lower costs at the gas pump. Cancelled by Biden on first day. 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. COVID-19 contributed to a steep decline that forced the stocks value to $117.84 on March 20, 2020. (There are also benefits to moving oil by rail, of course, especially over short distances.) Railroads continue to help the country thrive. Or perhaps its the nutty Qanon conspiracies you see in your Twitter feed. BNSFs value is about half that. What if you could ship the LNG from the west coast of the US or Canada? More importantly, the assertion that Buffett donated $58 million to the Biden campaign is bogus. Photo of electric charging station powered by diesel generator is emblematic of the electric vehicle movement. Public records show Buffett didnt donate to any political campaign in 2020, let alone a $58 million sum, and a spokeswoman for Buffett confirmed this. Biden halted the Keystone XL Pipeline on his first day in office through executive order, citing his administrations economic and climate interests. 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. The Pew report also revealed that in the six states where the pipeline would be located, and, thus, where the people would experience the greatest environmental impact (Montana, South Dakota, Nebraska, Kansas, Oklahoma, and Texas) 69 percent of them support its construction while 28 percent oppose. Essentially, improved efficiency is good for consumers and for an economy as a whole, but it can be harmful to less efficient competitors. The author has no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. "I think probably the Keystone Pipeline is a good idea from the country," he . And the derailment on Dec. 30 in North Dakota that spilled 475,000 gallons of oil. 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. Common sense also tells us that it would be cheaper to pump the oil through a pipeline instead of loading it into thousands of rail tanker cars, one-by-one, with a diesel-burning locomotive at the front of the line. The first claim in these posts is that Warren Buffett, the American business tycoon and billionaire, donated $58 million to Joe Bidens 2020 campaign. 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. Shipping oil by train doesnt operate under the same price restraints as oil pipelines, which are regulated much like utilities by the federal government. St. Petersburg, FL As president, Obama rejected a permit for the pipeline, arguing that the project would not lower gas prices or increase the nations energy security. As per Reuters reports and industry experts, the Keystone XL Pipelines cancellation does not appear to mean a lucrative jump in business for crude-by-rail that might benefit Berkshire Hathaways BNSF railway. Rail executives themselves have said they expect to see crude-by-rail shipments increase because of Bidens executive order. No doubt BNSF will choose its tanker vendor carefully and with all due diligence; however, its worth knowing that Buffetts corporate empire includes the Union Tank Car Company which makes (surprise!) Only a 1.2-mile section had been completed before Biden on Jan. 20 signed an executive order revoking the pipelines construction permit, saying the pipeline would "not be consistent with my administrations economic and climate imperatives.". 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.. Suncor is Canada's largest energy producer. 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 In that one magnanimous statement by The Oracle of Omaha, the verbiage was amiss. Having a train station in town helped locals access the goods they needed. Copyright IBTimes 2023. He also bundled and hosted numerous fundraisers for Obama. It is not an environmental issue, it is a money issue. ET. A Buffett spokeswoman has said that Buffett voted for Biden and that he does not have a position on how the pipeline might have affected BNSF Railway, a freight railroad network owned by Berkshire Hathaway that transports crude oil. 801 3rd St. S After President Joe Biden, on his first day in office, effectively halted construction of the Keystone XL oil pipeline, tens of thousands of Facebook users shared an image that claimed he was repaying a favor to billionaire investor Warren Buffett. It is not an environmental issue, it is a money issue 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. 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. Environmental activists and indigenous communities hailed the cancellation, and traders and analysts said U.S.-Canada pipelines will have more than enough capacity to handle increasing volumes of crude out of Canada, the primary foreign supplier of oil to the United States ( here ). Warren Buffet would lose billions in transport fees if the pipeline is completed. Buffett has been reaping the benefits of the Keystone pipeline not being built because of his railroad shipping oil from the Bakken oil fields. Sorry, there are no recent results for popular articles. Federal Election Commission records show that Buffett made no individual contributions in 2020. 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. Did you think Buffett would buy those cars himself because he loves protecting little bunny rabbits? Just ask someone who was driving a car in the 1970s. 727-821-9494. stated on October 27, 2021 in post on Facebook: Keystone Pipeline was blocked by Obama on Warren Buffetts behalf. 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. Video shows President Joe Biden recalling an alien encounter. Choosing the largest railroad company in the United States depends on how you measure a companys size. Where are those proposals which certainly make sense in this changing energy climate that we live in? 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 billionaire investor, Warren Buffett. Through a holding. While the nation has been arguing over the Keystone, Berkshire Hathaway has been cashing in. 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. 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. 33701 Nor did Buffett campaign in favor of the current president. Federal Election Commission records show that Buffett made no individual contributions in 2020. Perhaps he doesnt want to buy a railway that will compete with BNSF. Heres more information on Facebooks fact-checking program: https://www.facebook.com/help/1952307158131536, Connect with the definitive source for global and local news, APS ASSESSMENT: False. for natural gas have exacerbated this problem. Suncor has a lot of time, money and energy invested in this pipeline going through. I think probably the Keystone pipeline is a good idea for the country.. Union Pacific is about 400 miles shorter. And who will pay for those improved tankers? Why the phrase thumbing our noses? Thats incorrect. "I think probably the Keystone pipeline is a good idea for the country," he said during an appearance on CNBC's "Squawk Box" on Monday. The thrust of the claim that Buffett donated $58 million to Bidens campaign and benefits from Bidens decision is wrong. When Financhill publishes its #1 stock, listen up. Natural gas comes from the oil reserves that are being harvested in the Bakken Shale region; it is called associated gas because it is associated with the oil. 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. Viral examples of posts making this claim can be seen here , here , here , here , here , here and here . (Follow him on Substack.). Reverse-image searches show it was being shared as early as 2015, midway through Obamas second term. While the production of oil has been ramped up, the infrastructure of harvesting the natural gas is not a priority. Reuters never asks this question, though it concedes moving oil by rail is less efficient. Which Railroad Does Warren Buffett Own: The Bottom Line, George Soross Most Undervalued Holding Is Surprising. The post from Oct. 27 misspells Buffetts last name and shows an image of a train with the text underneath referencing Burlington Northern Santa Fe Railroad, which is owned by Berkshire Hathaway, the conglomerate headed by Buffett. 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. Financhill just revealed its top stock for investors right now so there's no better time to claim your slice of the pie. Warren Buffet would lose billions in transport fees if the pipeline is completed. The image includes a photo of a pipeline. 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. The North Dakota Industrial Commission has been working to reduce flaring with the Northern Border Pipeline Company and the Dakota Pipeline Company. That 65 percent includes 51 percent of Democrats, a slim majority, but significant considering the Democrat party has a powerful environmentalist faction. It is true that Buffetts company, Berkshire Hathaway, owns BNSF Railway, a freight railroad network that transports crude oil. 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. 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. According to public records from OpenSecrets and a spokeswoman for Buffett, this claim is false. The news agency also admits trains on the BNSF carry lots of energy (especially oil and coal). Essentially, market entrepreneurs create value for society by serving the wants and needs of consumers. It is not an environmental issue, it is a money issue the Facebook post reads. A Facebook post claims the Keystone Pipeline was blocked by Obama to benefit Buffett. ", The post was flagged as part of Facebooks efforts to combat false news and misinformation on its News Feed. Buffett didnt make any contributions to Bidens 2020 presidential campaign. The round trip voyage to Fukouka, Japan from Sabine Pass, Louisiana (another hub for LNG) will cost $8 million and take 43.5 days through the canal - instead of the 11.4 million and 63.6 days around Africa. The importance of railroads hasnt gone unnoticed by some of the worlds top investors. Born and raised in Northeast Ohio. But lets remember the reason given by President Barack Obamas administration and its friends for holding up the Keystone project: the environment. They snake in very long lines (too many to count) as they make their way to an oil refinery south of Wilmington. Correcting Wood Mackenzie team name in paragraph 22. Warren Buffett consistently makes some smart investment decisions that lead to huge returns. Warren Buffet would lose billions in transport fees if the pipeline is completed. Oil transport had a lot to do with, Investment News reported in 2015. Warren Buffett and the Keystone Decision By Daniel John Sobieski When President Obama announced he was killing the Keystone XL pipeline, he said he was agreeing with the State Department's. It is the company's biggest acquisition ever. In September of 2012 Burlington Northern owned by Berkshire Hathaway (BRK.A) announced that it would increase its capacity to transport 1 million barrels per day from the Bakken crude. 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