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. Railroads such as BNSF owned by Buffett ( here ), however, are not the principle way oil is transported from Canada to the United States. 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. 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. So far, Warren Buffett and Berkshire Hathaway have not chosen to purchase Union Pacific. More recently, rail executives themselves have said they expect to see crude-by-rail shipments increase because of Bidens executive order. Cellphone data used to arrest the Idaho quadruple-murder suspect proves that criticism of the 2000 Mules movies use of cell data is unfounded. 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. 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. Some of the $8 million through the canal is around $600,000 in fees to use the canal (based on fully loaded LNG and then ballast round trip). 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.. 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. Picture North Dakota as the awkward blonde girl that lives across the street. With a nearby railway, every company from a family-run farm to a massive manufacturer had an easier way to ship its products. We need your help. When Financhill publishes its #1 stock, listen up. 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. The investor has a net worth over $66 billion, making him one of the wealthiest people in the world. Mr. This brings me to the Panama Canal. A historic look (1982-2018) at the transportation prevalence of pipelines, marine vessels, rail and truck for oil transport is visible here . Buffett did not endorse Mr. Biden, but both he and his wife voted for Mr. Biden, Bosanek told the AP in an email. The US State Department confirms that rail is a more dangerous way to transport oil compared to pipelines. Last month, another derailment dumped 4,000 gallons of oil in a town about 20 miles from Pittsburgh. 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. In his wonderful amiability to the Canadian nation, the use of the word partner should make a lot more sense. Warren Buffet would lose billions in transport fees if the pipeline is completed. Nevertheless, it was shared enough that it captured the attention of Reuters, who fact-checked the meme. Oh yeah. 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 . Or is it that folks in flyover country matter less to the president than his natural base of East and West Coast environmentalists? Oh yeah. Here in Delaware, Ive seen the tankers up close and personal. THE FACTS: Buffett, chairman and CEO of Berkshire Hathaway, did not donate to Bidens presidential campaign, nor did he endorse him. The author has no business relationship with any company whose stock is mentioned in this article. Its not clear where the $58 million figure in the claim originated. As a bit of history, Buffett purchased BNSF in a $44 billion deal in 2009. COVID-19 vaccines "provide zero benefit relative to risk for the young and healthy.". Berkshire Hathaway already owned 22.6% of the company, so the . But. 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 ). Biden said he issued an executive order canceling the pipelines construction permit for economic and environmental reasons. 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 . 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. St. Petersburg, FL 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. 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? Bidens executive order offers little explanation beyond platitudes, such as claims that the pipeline would undermine US climate leadership.. The image includes a photo of a pipeline. The news agency also admits trains on the BNSF carry lots of energy (especially oil and coal). How long would the trip be and how much would it cost? For example, Amtrak has. A chart shows China and India are leading in per capita carbon dioxide emissions. But lets remember the reason given by President Barack Obamas administration and its friends for holding up the Keystone project: the environment. Was there an ulterior motive sticking up for the country that the United States has the longest border in the world with? The horrible truth is train transport is far more dangerous, energy writer Brian Westenhaus has pointed out. Sorry, there are no recent results for popular articles. The Keystone XL pipeline was first proposed more than a decade ago during a period of high oil prices. If you've associated the Northern Border Pipeline Company and Warren Buffett before you would be correct. Analysts have several theories about why Warren Buffett bought BNSF. 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. Heres more information on Facebooks fact-checking program: https://www.facebook.com/help/1952307158131536, he halted construction of the Keystone XL pipeline. Warren Buffet owns the railroad that is now transporting all that oil. It seemed he was up to something. Buffett previously has voiced public support for the Keystone XL pipeline. 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. Warren Buffet would lose billions in transport fees if the pipeline is completed. 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. (Near my grandparents hometown, incidentally.) Video shows President Joe Biden recalling an alien encounter. Buffett, in fact, supported its construction. See how politics works? BHA had 18.4% higher earnings in 2022, driven by higher vehicle gross profit margins. In spite of all these events and factors, the environmentalists keep insisting the Keystone Pipeline is too dangerous. 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. It is not an environmental issue, it is a money issue the Facebook post reads. stated on February 20, 2023 in an Instagram post. 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. Industry experts are quoted, and they note the inefficiencies of transporting oil via rail. Why not use neighbor or even friend? The Keystone XL may have simply become a symbol of dirty, nasty oil, which meant it had to goeven if theres little dispute that spiking the pipeline increases pollution and energy costs and puts more lives at risk. Railroads continue to help the country thrive. 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. It is true that Buffetts company, Berkshire Hathaway, owns BNSF Railway, a freight railroad network that transports crude oil. Scientists say this map represents the US in 30 years if we dont reverse climate change.. President Barack Obama's decision to withhold approval of the Keystone XL pipeline will hugely benefit one of his largest supporters - Warren Buffett. The same theory circulated during the Obama administration. Warren Buffetts 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. Buffett, in fact, supported its construction. We dont find evidence that the decision was intended to benefit Buffett. 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. 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. Says he has been to Afghanistan, Iraq and those areas twice as president. Copyright 2023 IBTimes LLC. Please. A political entrepreneur, on the other hand, succeeds primarily by influencing government to subsidize his business or industry, or to enact legislation or regulation that harms his competitors.. "In the last 2 election cycles," the image reads, "Buffet gave extensively to Democrat causes and candidates. Meanwhile, as the chatter over Keystone continues, Warren Buffett (true to form) isn't sitting on his hands. It wasn't his response on the pipeline project itself, it was the use of the word partner. 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. This caused me to think about what a mistake this whole argument has been. Warren Buffet owns the railroad that is now transporting all that oil. It is not an environmental issue, it is a money issue. If anyone believes the Keystone Pipeline isnt being blocked by Obama on Buffets behalf, Ive got a bridge to sell you. Buffett,chairman and CEO of Berkshire Hathaway, did not donate to Bidens presidential campaign, nor did he endorse him. Union Pacific has a greater value than BNSF. Buffett did not endorse Mr. Biden, but both he and his wife voted for Mr. Biden, Bosanek told the AP in an email. (Follow him on Substack.). Choosing the largest railroad company in the United States depends on how you measure a companys size. 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 Biden halted the Keystone XL Pipeline on his first day in office through executive order, citing his administrations economic and climate interests. Interestingly, Union Pacifics stock price fell to a nearly three-year low in March 2020. Burlington Northern Santa Fe, LLC is the parent company of the BNSF Railway (formerly the Burlington Northern and Santa Fe Railway). Ugur Sahin, CEO of BioNTech and inventor of the BIO N TECH Pfizer jab, refuses to take the jab for safety reasons.. A hefty sum, to be surethough one Buffett would hardly feel.). They snake in very long lines (too many to count) as they make their way to an oil refinery south of Wilmington. 801 3rd St. S But the posts main thesis, that the billionaire investor was a major donor to Bidens campaign, is not true. There have been rumors for years that Warren Buffett would buy Union Pacific. 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. Its important to consider that buying BNSF does more than help Berkshire Hathaway earns returns from within the railway industry. 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. 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. A map of the Keystone XLs route alongside the existing Keystone Pipeline System, operating since 2010, can be seen here . (There are also benefits to moving oil by rail, of course, especially over short distances.) Financhill just revealed its top stock for investors right now so there's no better time to claim your slice of the pie. Cancelled by Biden on first day. ", "New government-funded 'food pyramid' says Lucky Charms are healthier than steak. Mr. With Burlington Northern's testing of LNG powered locomotive and their interest in shipping LNG on trains, what's Warren's next move? Sign up and stay up to date with our daily newsletter. 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. 1800 I Street NW 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.. 33701 It is true that Buffetts company, Berkshire Hathaway, owns BNSF Railway, a freight railroad network that transports crude oil. Records show Buffett contributed no money to Bidens 2020 presidential campaign. And healthy. ``, LLC is the parent company of the word partner should make a more! Flyover country matter less to the Canadian nation, the environmentalists keep insisting the Keystone pipeline isnt blocked... 4,000 gallons of oil a day from Alberta to the Texas Gulf Coast donations through a political committee! 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