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. "In the last 2 election cycles," the image reads, "Buffet gave extensively to Democrat causes and candidates. Warren Buffet donated 58 million to Biden campaign. All quotes delayed a minimum of 15 minutes. 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. Here in Delaware, Ive seen the tankers up close and personal. Bloomberg News stated it was the 10th such derailment in North America in the past 12 months. The author has no business relationship with any company whose stock is mentioned in this article. 20006, Florida See how politics works? Please, enable JavaScript and reload the page to enjoy our modern features. The Keystone XL Pipeline has been blocked multiple times for climate, economic, and perceived national-interest reasons. Born and raised in Northeast Ohio. 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.". In 2019, he gave $248,500 to the Democratic Congressional Campaign Committee, which supports Democratic House candidates, and $5,800 to Democratic Arizona Senator Mark Kellys campaign. Suncor has a lot of time, money and energy invested in this pipeline going through. As for the claim about Buffett's concern for the pipeline it's true that Berkshire Hathaway owns BNSF Railway, which carries crude oil and has an interest in transporting Canada's supply. 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. In just a few short years BNSF had become Berkshire Hathaways single biggest profit driver, Business Insider reported. 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. The Keystone XL pipeline was first proposed more than a decade ago during a period of high oil prices. Cellphone data used to arrest the Idaho quadruple-murder suspect proves that criticism of the 2000 Mules movies use of cell data is unfounded. See how politics works? Buffett did contribute to Obamas presidential campaigns. This brings me to the Panama Canal. Buffett doesnt believe in short-term investment strategies that can lead to quick profits. While the nation has been arguing over the Keystone, Berkshire Hathaway has been cashing in. A historic look (1982-2018) at the transportation prevalence of pipelines, marine vessels, rail and truck for oil transport is visible here . 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. (If youre wondering, three checks alone in 2019 to Democratic Congressional Campaign Committee totaled more than $460,000. 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. Mr. Education is a BS in Applied Mathematics, another BS in History, MBA studies all at Ohio schools. And the derailment on Dec. 30 in North Dakota that spilled 475,000 gallons of oil. Buffett made a $34 billion dollar investment in the Burlington Northern Santa Fe railroad (BNSF) one year after Obama was elected. How long would the trip be and how much would it cost? 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? ", Earthquake in Turkey and Syria is "a systemic attack against Kurdish people.". The internet is not known as a purveyor of truth. 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. For example, Amtrak has. He did, however, donate to the presidential campaigns of both Obama and Hillary Clinton, and in 2019 he donated $248,500 to the Democratic Congressional Campaign Committee, the official campaign arm of the Democrats in the House of Representatives. In 2019, he gave $248,500 to the Democratic Congressional Campaign Committee. However, Reuters argues that Berkshire Hathaway does not stand to benefit from the demise of the Keystone XL. Business Insider ( here ) also reported on Buffett not donating to Biden during this election after having donated to Hillary Clinton and Barack Obama in past elections. Video shows President Joe Biden recalling an alien encounter. 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 Keystone veto override vote failed in the Senate. When Financhill publishes its #1 stock, listen up. The survey found that 65 percent of Americans support building the Keystone pipeline. According to Federal Election Commission records, Buffett did not contribute to Joe Bidens 2020 presidential campaign. While the production of oil has been ramped up, the infrastructure of harvesting the natural gas is not a priority. Regardless of the reason, Berkshire Hathaway has stayed away from Union Pacific. The Keystone veto override vote failed in the Senate. 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. The Keystone XL Pipeline has been blocked multiple times for climate, economic, and perceived national-interest reasons. The end result is lower costs at the gas pump. Incentives matter, as any economist will tell you. 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. It would 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. He also bundled and hosted numerous fundraisers for Obama. Nevertheless, it was shared enough that it captured the attention of Reuters, who fact-checked the meme. Buffett has stated that buying BNSF represents a belief in the future of the U.S. economy. This is not the first time claims have suggested that Democratic presidents have opposed the Keystone XL pipeline as a political favor to Buffett. The meme is clearly wrong on multiple points. So while his competitors are building the LNG pipelines and storage facilities to stop the flaring of natural gas, Buffett may make another move. As a bit of history, Buffett purchased BNSF in a $44 billion deal in 2009. Warren Buffett, the billionaire owner of. Months later, in an interview with Charlie Rose, the sage of Omaha admitted the price tag was steep. It is true that Buffetts company, Berkshire Hathaway, owns BNSF Railway, a freight railroad network that transports crude oil. False. 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 post was flagged as part of Facebooks efforts to combat false news and misinformation on its News Feed. Warren Buffet owns the railroad that is now transporting all that oil. 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. Maybe its the fake Robin Williams quote your aunt shared on Facebook. Oil transport had a lot to do with, Investment News reported in 2015. Unfortunately, passenger trains have suffered for decades. Mr. 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. Warren Buffet owns the railroad that is now transporting all that oil. District of Columbia The Nebraska. Disclosure: The author has no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. 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 ). 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. Having a train station in town helped locals access the goods they needed. The 1,700-mile pipeline was planned to carry roughly 800,000 barrels of oil a day from Alberta to the Texas Gulf Coast. This caused me to think about what a mistake this whole argument has been. District of Columbia Our only agenda is to publish the truth so you can be an informed participant in democracy. for natural gas have exacerbated this problem. Despite this opportunity, Berkshire Hathaway does not appear to have made an investment in the company. If you go to page 11, youll see Buffetts discussion of the success of Berkshires railway, BNSF. 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.. The purchase had a value of about $44 billion, making it the largest acquisition in Warren Buffetts career. Billionaire investor Warren Buffett affirmed his belief that the Keystone XL pipeline would benefit America if it's approved by the Obama administration. 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. Warren Buffet would lose billions in transport fees if the pipeline is completed. 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. 727-821-9494. stated on October 27, 2021 in post on Facebook: Keystone Pipeline was blocked by Obama on Warren Buffetts behalf. But. Sign up and stay up to date with our daily newsletter. I worked for a couple of Regional Banks, grew up with Merrill and now am at a Regional Firm based out of Louisville. 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 from the country," he . Reuters never asks this question, though it concedes moving oil by rail is less efficient. which supports Democratic House candidates. It just means the Retuers fact check is as biased and dubious as the meme it attempted to correct. He has done this while costing his competitors while quietly acquiring shares in a Canadian company that has much to gain from the Keystone being built, Suncor. The dog dewormer fenbendazole can cure cancer in humans. The news agency also admits trains on the BNSF carry lots of energy (especially oil and coal). And many of those rail lines and tankers belong to BNSF. This image and claim first appeared during the Obama administration. More importantly, the assertion that Buffett donated $58 million to the Biden campaign is bogus. Although the U.S., North American, and global economies grow and shrink, railroads will play crucial roles in supply chains for decades. Federal Election Commission records show that Buffett made no individual contributions in 2020. It is not an environmental issue, it is a money issue. Says he has been to Afghanistan, Iraq and those areas twice as president. Sorry, there are no recent results for popular collections. Forty-two people were confirmed dead in the 2013 Quebec train disaster, and several more are presumed dead. Buffett didnt make any contributions to Bidens 2020 presidential campaign. 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. ), As for Buffett, on one hand he has shown he possesses the lobbying chops to avoid many of the federal regulations that plague his competitors and other parts of the transportations sector. 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. 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. You may also associate Buffett with his acquisition of around 18 million shares of Suncor Energy (NYSE: SU) in August 2013. 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 . Furthermore, a 2013 Pew survey report indicates that a large majority of Americans agree with these common sense ideas. Not by much, though. And perhaps thats the answer. Not all types of railroads earn profits, though. For starters, it doesnt even spell Buffetts name correctly. stated on February 4, 2023 in an Instagram post. They snake in very long lines (too many to count) as they make their way to an oil refinery south of Wilmington. Berkshire Hathaway has a huge amount of cash that lets it invest in practically any business. There's a great article about it on Seeking Alpha. Reuters assured us this is not the case with Buffett. The Keystone pipeline. President Barack Obama's decision to withhold approval of the Keystone XL pipeline will hugely benefit one of his largest supporters - Warren Buffett. here ). Railroads continue to help the country thrive. This is part of The Associated Press ongoing effort to fact-check misinformation that is shared widely online, including work with Facebook to identify and reduce the circulation of false stories on the platform. (Near my grandparents hometown, incidentally.) The 1,700-mile pipeline was planned to carry roughly 800,000 barrels of oil a day from Alberta to the Texas Gulf Coast. 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. Warren Buffet [t] donated 58 million to Biden campaign. Buffett previously has voiced public support for the Keystone XL pipeline. As weve seen, rail shipments involve possible derailments, accidents and opportunities for ignition-causing friction. It is not an environmental issue, it is a money issue the Facebook post reads. In this Dec. 18, 2020 file photo, pipes to be used for the Keystone XL pipeline are stored in a field near Dorchester, Neb. 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. The Keystone pipeline. Just ask someone who was driving a car in the 1970s. THE FACTS: On Bidens first day in office, he halted construction of the Keystone XL pipeline. Our Standards: The Thomson Reuters Trust Principles. Buffett says that heconsiders buying BNSF anall-in wager on the economic future of the United States.. A Facebook post claims the Keystone Pipeline was blocked by Obama to benefit Buffett. St. Petersburg, FL That 65 percent includes 51 percent of Democrats, a slim majority, but significant considering the Democrat party has a powerful environmentalist faction. Buffett gave no money to the Biden presidency campaign in 2020, Buffett assistant Debbie Bosanek told Reuters. In the past few years, Buffett expressed support for the pipeline. Biden cancellation of Keystone XL pipeline was not a favor to Warren Buffet. Not contribute to Joe Bidens 2020 presidential campaign, listen up that transports crude oil campaign is.. Acquisition in warren Buffetts behalf Reuters argues that Berkshire Hathaway does not stand to benefit from the demise the!, as any economist will tell you company whose stock is mentioned in article. To an oil refinery south of Wilmington keystone pipeline warren buffett railroad donated 58 million to Biden campaign is bogus Iraq and areas. Belong to BNSF away from Union Pacific not a favor to warren Buffet owns the that! 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