Because of this, operators prefer to use pipelines and use rail only as a backup.. The Keystone XL Pipeline has been blocked multiple times for climate, economic, and perceived national-interest reasons. But continuing court challenges over environmental reviews soon brought the project to a halt. Federal Election Commission records show that Buffett made no individual contributions in 2020. Buffett does stand to profit from the cancelation of the Keystone pipeline and perhaps a great deal. Does Warren Buffett own the railroad? The horrible truth is train transport is far more dangerous, energy writer Brian Westenhaus has pointed out. Warren Buffet donated 58 million to Biden campaign. Not all types of railroads earn profits, though. Before explaining what Reuters left out, let me say Im not suggesting Buffett, a brilliant investor and businessman, had anything to do with the spiking of the Keystone XL pipeline. Translation: it doesnt take much friction to blow up a tanker car full of Bakken oil. You may also associate Buffett with his acquisition of around 18 million shares of Suncor Energy (NYSE: SU) in August 2013. Or perhaps anti-trust laws would restrict Berkshire from controlling so much of Americas railroads. THE FACTS: Buffett, chairman and CEO of Berkshire Hathaway, did not donate to Bidens presidential campaign, nor did he endorse him. Warren Buffett's Burlington Northern Santa Fe LLC is among U.S. and Canadian railroads that stand to benefit from the Obama administration's decision to reject TransCanada Corp.'s Keystone . The survey found that 65 percent of Americans support building the Keystone pipeline. 27 Feb 2023 23:12:12 Instead, he takes a long-term perspective that involves purchasing a company and improving its performance over the years. The text above the photo, which misspells Buffetts name, says: "The Keystone pipeline. RT @Frida_Goman: Biden canceled the Keystone Pipeline because it was unsafe. It would have carried up to 830,000 barrels per day of crude oil from Alberta, Canada, to. Stocks, Oil, Sell Off, On Recession Fears, A Closer Look At The State Of Global Economy As We Head Into 2023. This post may contain affiliate links or links from our sponsors. Warren Buffett did not donate to Bidens. 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 But the truth is, Buffett did get a bargain (at least in hindsight). 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. 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. We will, at the gas pump. See how politics works? What Buffett doesnt mention is that this success is directly related to the lack of the Keystone Pipeline. Warren Buffetts company Berkshire Hathaway purchased 77.4% of BNSF shares for $100 each on November 2, 2009. A map of the Keystone XLs route alongside the existing Keystone Pipeline System, operating since 2010, can be seen here . In the past few years, Buffett expressed support for the pipeline. Maybe that day will eventually come. Shipping oil by train doesnt operate under the same price restraints as oil pipelines, which are regulated much like utilities by the federal government. Written in a breezy, sometimes cheeky tone, its a harbinger of spring, like sighting the first robin of the year. And who will pay for those improved tankers? Taiwan Belongs To Taiwanese With Or Without US Support? Days after U.S. President Joe Biden cancelled construction plans for the Keystone XL Pipeline - meant to carry oil from Canadas Alberta province to Nebraska - posts on social media alleged this move was due to Warren Buffetts extensive political donations to Bidens campaign. Reuters spends a lot of time attempting to refute a central claim of the meme: that Buffett would lose billions in transport fees if the Keystone pipeline is completed. Picture Canada as that older exchange student that dates the high school quarterback. Natural gas for the most part is either used geographically close to where it is harvested in North Dakota or it is burned off in a process called flaring. The environmental impact of rail is also worse. The same theory circulated during the Obama administration. See here for a complete list of exchanges and delays. Duterte Couldn't Fix Philippines' Food Inflation Problem Can Marcos Do It? Warren Buffet donated 58 million to Biden campaign. oil. Warren Buffett's company Berkshire Hathaway purchased 77.4% of BNSF shares for $100 each on November 2, 2009. 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. He has done this while . Union Pacific is about 400 miles shorter. 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. Incentives matter, as any economist will tell you. Warren Buffet would lose billions in transport fees if the pipeline is completed. The Keystone veto override vote failed in the Senate. Suncor has a lot of time, money and energy invested in this pipeline going through. See how politics works? Buffett, in fact, supported its construction. 727-821-9494. stated on October 27, 2021 in post on Facebook: Keystone Pipeline was blocked by Obama on Warren Buffetts behalf. Pfizer made $37 billion in profit in its last quarter. Warren Buffett's Burlington Northern Santa Fe LLC is among U.S. and Canadian railroads that stand to benefit from the Obama administration's decision to reject TransCanada's Keystone XL oil. Although the U.S., North American, and global economies grow and shrink, railroads will play crucial roles in supply chains for decades. District of Columbia stated on February 26, 2023 an Instagram post: stated on February 8, 2023 a Facebook post: stated on February 7, 2023 a post on Facebook: stated on February 6, 2023 an Instagram post: stated on January 25, 2023 an Instagram post: stated on February 4, 2023 a Facebook post: stated on January 27, 2023 a Facebook post: stated on January 23, 2023 an Instagram post: stated on January 15, 2023 an Instagram post: stated on January 12, 2023 a Facebook post: stated on January 5, 2023 a Facebook post: stated on January 3, 2023 a video shared on Instagram: stated on February 25, 2023 in a Facebook post: stated on February 22, 2023 in a Facebook post: stated on February 26, 2023 in an Instagram post: stated on February 27, 2023 in a Facebook post: stated on February 15, 2023 in a Facebook post: stated on February 26, 2023 in a video on Facebook: stated on February 25, 2023 in an Instagram post: stated on February 18, 2023 in a Facebook post: All Rights Reserved Poynter Institute 2020, a 501(c)(3) nonprofit organization, A vigilante shot down the Chinese spy balloon in an extraordinary act., "Warren Buffett did not donate to Biden presidential campaign,", "How Bidens Keystone XL pipeline executive order affects American jobs,", "Warren Watch: Behind Buffetts support of Keystone XL pipeline project,", Rifles were involved in 297 deaths in the U.S. in 2022 and constipation killed 2,167.. The Keystone pipeline. So why all the fuss about the pipeline from Canada? All Rights Reserved. This absence of a rigid regulatory pricing framework explains why Buffett was able to make such enormous profits after his BNSF purchase, and it also explains why many oil suppliers see crude-by-rail transport preferable to pipelines, despite its higher costs. The meme is clearly wrong on multiple points. It seemed he was up to something. ", MRNA vaccines are being injected into our food supply., "Social Security has nothing to do with the deficit or the national debt.". Warren Buffet owns the railroad that is now transporting all that oil. 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. See how politics works? Whatever the answer, the real lesson of the Keystone XL pipeline is that when politicians make decisions instead of entrepreneurs acting within the marketplace, everyone loses. tanker cars. Buffett did not endorse Mr. Biden, but both he and his wife voted for Mr. Biden, Bosanek told the AP in an email. It boils down to this. Berkshire Hathaway has a huge amount of cash that lets it invest in practically any business. BHA had 18.4% higher earnings in 2022, driven by higher vehicle gross profit margins. 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. Interestingly, Union Pacifics stock price fell to a nearly three-year low in March 2020. The Keystone XL pipeline was first proposed more than a decade ago during a period of high oil prices. 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. An image shared on Facebook claims Biden canceled the Keystone XL pipeline because Buffett "donated $58 million" to his campaign. MOST U.S. OIL IMPORTS FROM CANADA USE PIPELINES, NOT RAILWAYS. Federal Election Commission records show that Buffett made no individual contributions in 2020. Disclosure: The author has no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. These potential profits stand to benefit from the fact that shipping oil by train doesnt operate under the same price restraints as oil pipelines, which are regulated much like utilities by the federal government. The long . That's right, most of our LNG exports have gone around the Cape of Good Hope to get to destinations in Asia because the canal couldn't handle the length and width of the LNG shipping boats. stated on February 8, 2021 Facebook posts: stated on January 25, 2022 Facebook posts: stated on January 6, 2022 Facebook posts: stated on December 23, 2021 Facebook posts: stated on December 5, 2021 Twitter posts: stated on October 28, 2021 Facebook posts: stated on October 27, 2021 post on Facebook: stated on February 25, 2023 in a Facebook post: stated on February 22, 2023 in a Facebook post: stated on February 26, 2023 in an Instagram post: stated on February 27, 2023 in a Facebook post: stated on February 15, 2023 in a Facebook post: stated on February 26, 2023 in a video on Facebook: stated on February 25, 2023 in an Instagram post: stated on February 18, 2023 in a Facebook post: All Rights Reserved Poynter Institute 2020, a 501(c)(3) nonprofit organization, "The laws governing Agenda 2030 land development allows the government to seize polluted lands and move their residents to smart cities., Facebook Posts: Says Joe Biden canceled the Keystone pipeline because Warren Buffett donated $58 million to his campaign, 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, Keystone XL pipeline halted as Biden revokes permit, Warren Buffett did not donate to Biden presidential campaign, Buffett Didnt Donate to Biden or Cause Pipeline to be Cancelled, Citing Climate Change, Obama Rejects Construction of Keystone XL Oil Pipeline, Id vote yes on Keystone pipeline: Warren Buffett, Developer Abandons Keystone XL Pipeline Project, Ending Decade-Long Battle, President Obama Rejects Keystone XL Pipeline Plan, The Competitors Who Stand To Win From Denial Of Keystone XL, Warren Watch: Behind Buffetts support of Keystone XL pipeline project, Individual contributions for Warren Buffett to Barack Obama, Says Thomas Jefferson said, If serving in an elected office ever becomes a career, corruption will surely follow.. It is not an environmental issue, it is a money issue the Facebook post reads. 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. Warren Buffet would lose billions in transport fees if the pipeline is completed. Warren Buffett bought BNSF because he believes that railways play a crucial role in the success of Americas economy. The dog dewormer fenbendazole can cure cancer in humans. Instead of shipping Canadian/North Dakotan oil via a pipeline, its coming south via rail tanker cars. Warren Buffet would lose billions in transport fees if the pipeline is completed. It is true that Buffett's company, Berkshire Hathaway, owns BNSF Railway, a freight railroad network that transports crude oil. It's also incredibly lucrative. One theory posits that the cost to build a railway today and jump through the municipal and state hurdles would be too high to justify. It's turned into an evolving political litmus test, and that is a shame. Why not ally? 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? stated on February 4, 2023 in an Instagram post. Buffett has been reaping the benefits of the Keystone pipeline not being built because of his railroad shipping oil from the Bakken oil fields. The 1,700-mile pipeline was planned to carry roughly 800,000 barrels of oil a day from Alberta to the Texas Gulf Coast. Warren Buffet donated 58 million to Biden campaign. Buffett gave no money to the Biden presidency campaign 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. 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 ). Not by much, though. Remember at this point North Dakota was still only producing 700,000 barrels a day. 801 3rd St. S 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.). If you have an ad-blocker enabled you may be blocked from proceeding. It is not an environmental issue, it is a money issue. 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. 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. Wind farm construction is a possible cause of dead whales washing ashore in New Jersey. This work is licensed under a Creative Commons Attribution 4.0 International License, except for material where copyright is reserved by a party other than FEE. Despite this opportunity, Berkshire Hathaway does not appear to have made an investment in the company. Buffett previously has voiced public support for the Keystone XL pipeline. With more efficient railways, companies that need to distribute products all over the country can improve their profits. Buffett has expressed his support for the Keystone XL Pipeline, even though it would have competed against his Burlington Northern railroad, which transports crude. Please disable your ad-blocker and refresh. As a bit of history, Buffett purchased BNSF in a $44 billion deal in 2009. He files all filing requirements for political contributions and made no contribution to any PAC.. 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. Says he has been to Afghanistan, Iraq and those areas twice as president. Bosanek told the AP that the 90-year-old billionaire did not make other donations through a political action committee in the 2020 campaign cycle. 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.. A chart shows China and India are leading in per capita carbon dioxide emissions. 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. The Trump administration backed the project in the face of objections from environmental groups. Biden said he issued an executive order canceling the pipelines construction permit for economic and environmental reasons. Buffett has never seen any report by BNSF projecting whether the Keystone Pipeline would increase or decrease the revenue of the railroad, Bosanek wrote. The Keystone XL pipeline was first proposed more than a decade ago during a period of high oil prices. We are concentrating on the wrong pipeline. 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. Buffett is the chairman and CEO of Berkshire Hathaway, a multinational conglomerate that acquired Burlington Northern Santa Fe Corp (BNSF) in 2009, which was at the time the billionaire investors biggest-ever acquisition ( here ). Plus, the price of anything made of plastic (a petroleum-based product) shot up -- a significant contributing factor to the inflationary problems of that decade. This image and claim first appeared during the Obama administration. They deny that canceling the Keystone XL would actually benefit BNSF, saying that the oil intended for Keystone would simply be moved by existing and new pipeline infrastructure, not railways.. Buffett has stated that buying BNSF represents a belief in the future of the U.S. economy. Suncor meanwhile has promised the Canadian government that it will increase their supply by 10% to get their product to market on the Keystone Pipeline. So score one for Reuters for setting the record straight (and correctly spelling Buffetts name). Billionaire investor Warren Buffett affirmed his belief that the Keystone XL pipeline would benefit America if it's approved by the Obama administration. Canada is the primary supplier of foreign oil to the United States. No pipeline failure has ever come close to this level of human death and suffering, Westenhaus points out. District of Columbia This is not the first time claims have suggested that Democratic presidents have opposed the Keystone XL pipeline as a political favor to Buffett. But the posts main thesis, that the billionaire investor was a major donor to Bidens campaign, is not true. Our only agenda is to publish the truth so you can be an informed participant in democracy. Oh yeah. By purchasing BNSF, Berkshire Hathaway got a longer railway at less than half the price of Union Pacific. More importantly, the assertion that Buffett donated $58 million to the Biden campaign is bogus. 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. Railroads continue to help the country thrive. Berkshire Hathaway already owned 22.6% of the company, so the . Sorry, there are no recent results for popular collections. (In case you didnt know. Ugur Sahin, CEO of BioNTech and inventor of the BIO N TECH Pfizer jab, refuses to take the jab for safety reasons.. Leaked tax return reveals secret to pocketing $460,164 Not all types of railroads earn profits, though. Analysts have several theories about why Warren Buffett bought BNSF. 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. This could turn an $8,000,000 trip into a $4,000,000 trip to export a product that has a lot of demand in Asia. Buffett did not endorse Mr. Biden, but both he and his wife voted for Mr. Biden, Bosanek told the AP in an email. They claim that railways owned by Buffett now stand to benefit from transporting the oil that the Keystone XL Pipeline would have carried. Dr. 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! In short, rail infrastructures cannot compete with existing pipelines to transport oil at the rate the United States does. I worked for a couple of Regional Banks, grew up with Merrill and now am at a Regional Firm based out of Louisville. See how politics works? If you've associated the Northern Border Pipeline Company and Warren Buffett before you would be correct. 33701 This brings me to natural gas. Analysts have several theories about why Warren Buffett bought BNSF. 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. Copyright 2023 IBTimes LLC. That 65 percent includes 51 percent of Democrats, a slim majority, but significant considering the Democrat party has a powerful environmentalist faction. We need your help. for natural gas have exacerbated this problem. 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.. We dont find evidence that the decision was intended to benefit Buffett. Scholars at Carnegie Mellon University and the University of Pittsburgh also found that locomotive transport causes twice as much pollution as pipelines. Warren Buffet [t] owns the railroad that is now transporting all that oil. 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 ). According to Federal Election Commission records, Buffett did not contribute to Joe Bidens 2020 presidential campaign. But the posts main thesis, that the Berkshire Hathaway CEO was a major donor to Bidens campaign, is not true. Sometimes its more subtlethe news headline that says something thats actually not in the article. 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. 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 (CSIS), told Reuters via email. Warren Buffet donated 58 million to Biden campaign. Or perhaps its the nutty Qanon conspiracies you see in your Twitter feed. . President Barack Obama's decision to withhold approval of the Keystone XL pipeline will hugely benefit one of his largest supporters - Warren Buffett. He files all filing requirements for political contributions and made no individual contributions in 2020 Hathaway. Significant considering the Democrat party has a huge amount of cash that lets it invest in practically business! Fix Philippines ' Food Inflation Problem can Marcos Do it in 2022 driven! Because Buffett `` donated $ 58 million to the lack of the Keystone XL pipeline was first proposed more a! 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A crucial role in the face of objections from environmental groups involves purchasing a company and warren Buffett BNSF. Americans support building the Keystone pipeline not being built because of his shipping. Worked for a complete list of exchanges and delays student that dates the high school quarterback Carnegie! The 1,700-mile pipeline was blocked by Obama on warren Buffetts behalf pipeline from Canada use pipelines not... Cancer in humans 58 million '' to his campaign on warren Buffetts company Berkshire Hathaway got longer. Pipeline System, operating since 2010, can be an informed participant in democracy the robin... Canceled the Keystone XL pipeline would have carried up to 830,000 barrels per day crude. Pacifics stock price fell to a nearly three-year low in March 2020 he takes a long-term perspective that purchasing. Is directly related to the lack of the Keystone XL pipeline has been blocked multiple times for climate,,!