Did you think Buffett would buy those cars himself because he loves protecting little bunny rabbits? On Friday, The Associated Press reported on stories circulating online incorrectly asserting billionaire Warren Buffett donated $58 million to President Joe Biden's campaign, so Biden canceled the Keystone XL pipeline as a favor to him. Cahill told Reuters that after the cancellation, other pipelines will come online and crude exports by rail will continue to be a last resort., The North American Upstream team at energy consultants Wood Mackenzie sent Reuters findings from the companys North American Crude Market Service report which agreed with this prediction. It boils down to this. (As the video below shows, suppliers are willing to pay higher short term costs for greater shipping flexibility. And perhaps thats the answer. Berkshire Hathaway did not respond to Reuters request for comment on possible gains from Keystone XLs cancellation. In this Dec. 18, 2020 file photo, pipes to be used for the Keystone XL pipeline are stored in a field near Dorchester, Neb. As a bit of history, Buffett purchased BNSF in a $44 billion deal in 2009. 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. Photo of electric charging station powered by diesel generator is emblematic of the electric vehicle movement. Berkshire Hathaway already owned 22.6% of the company, so the acquisition gave it total ownership of BNSF. Warren Buffet donated 58 million to Biden campaign. By Keystone pipeline, the posts are referring to the Keystone XL Pipeline, a project cancelled by Biden on his first day in office on Jan. 21, 2021, dealing a death blow to a long-gestating project that would have carried 830,000 barrels per day of heavy oil-sands crude from Alberta to Nebraska. How long would the trip be and how much would it cost? ), The false information can take many forms. By purchasing BNSF, Buffett made an investment that helps streamline the supply chain processes of his other businesses. Biden cancellation of Keystone XL pipeline was not a favor to Warren Buffet. Last month, another derailment dumped 4,000 gallons of oil in a town about 20 miles from Pittsburgh. Railroads such as BNSF owned by Buffett ( here ), however, are not the principle way oil is transported from Canada to the United States. Essentially, market entrepreneurs create value for society by serving the wants and needs of consumers. The importance of railroads hasnt gone unnoticed by some of the worlds top investors. 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. But the truth is, Buffett did get a bargain (at least in hindsight). In spite of all these events and factors, the environmentalists keep insisting the Keystone Pipeline is too dangerous. Buffett previously has voiced public support for the Keystone XL pipeline. 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. They snake in very long lines (too many to count) as they make their way to an oil refinery south of Wilmington. Warren Buffet donated 58 million to Biden campaign. Incentives matter, as any economist will tell you. It is not an environmental issue, it is a money issue the Facebook post reads. ", The post was flagged as part of Facebooks efforts to combat false news and misinformation on its News Feed. In 2010, Warren Buffett's Berkshire Hathaway acquired BNSF for $26.5 billion. 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. While the production of oil has been ramped up, the infrastructure of harvesting the natural gas is not a priority. Railroads continue to help the country thrive. He has done this while . Rifles were involved in 297 deaths in the U.S. in 2022 and constipation killed 2,167., Drinking or using tap water treated with chlorine is dangerous because chlorine is a poison., Joe Biden described America as the foothills of the Himalayas with Xi Jinping., Kid Rock tweeted, Some people wouldnt recognize tyranny if it slapped a mask on their face, made them stand 6 feet apart, and forced them to take a vaccine for a virus with a 99.8% survival rate., The train that derailed in Ohio was carrying over 300,000 gallons of a chemical that was banned in 1974.. All rights reserved. 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. Its trains carry energy (such as oil and coal), agricultural and consumer products. It is not an environmental issue, it is a money issue. 33701 Veritone vs C3.AI: Which Is Better AI Stock. Warren Buffet would lose billions in transport fees if the pipeline is completed. 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. Mr. With Burlington Northern's testing of LNG powered locomotive and their interest in shipping LNG on trains, what's Warren's next move? 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.. Its not that big of a competitor, Buffett said at the time. 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 Buffett. 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.. 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. Warren Buffetts company Berkshire Hathaway purchased 77.4% of BNSF shares for $100 each on November 2, 2009. 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. The author has no position in any of the stocks mentioned. 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. The text above the photo, which misspells Buffetts name, says: "The Keystone pipeline. The purchase had a value of about $44 billion, making it the largest acquisition in Warren Buffetts career. 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. stated on February 20, 2023 in an Instagram post. It is true that Buffetts company, Berkshire Hathaway, owns BNSF Railway, a freight railroad network that transports crude oil. 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. Unfortunately, passenger trains have suffered for decades. Berkshire Hathaway has a huge amount of cash that lets it invest in practically any business. It also gives Buffett opportunities to make his other investments more valuable. 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. The importance of railroads hasnt gone unnoticed by some of the worlds top investors. None of this means Warren Buffett had anything to do with Bidens decision to spike the Keystone Pipeline. Viral examples of posts making this claim can be seen here , here , here , here , here , here and here . Meanwhile, as the chatter over Keystone continues, Warren Buffett (true to form) isn't sitting on his hands. Buffett gave no money to the Biden presidency campaign in 2020. The author is not receiving compensation for it. This brings me to the Panama Canal. 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. 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. 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. Nor did Buffett campaign in favor of the current president. 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.. 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.. I worked for a couple of Regional Banks, grew up with Merrill and now am at a Regional Firm based out of Louisville. Nor did the article discuss the adverse impact of shipping oil by rail. 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. Buffett made a $34 billion dollar investment in the Burlington Northern Santa Fe railroad (BNSF) one year after Obama was elected. You dont get bargains on things like that, Buffett said in the interview. Union Pacific is about 400 miles shorter. 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. , even though a train ticket often costs more than an airplane ticket. This caused me to think about what a mistake this whole argument has been. 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. Reuters never asks this question, though it concedes moving oil by rail is less efficient. Warren Buffett owns the railroad that is now transporting all that oil. The Keystone pipeline. If a Mad magazine existed for economists (that is, we who labor in whats known as the "dismal science"), it would be Warren Buffetts annual March letter to his Berkshire Hathaway (NYSE:BRK.A) shareholders. The investor has a net worth over $66 billion, making him one of the wealthiest people in the world. Despite this opportunity, Berkshire Hathaway does not appear to have made an investment in the company. It is not an environmental issue, it is a money issue the Facebook post reads. So looking to the future, little competition beyond existing railways is likely to ensue. While the production of oil has been ramped up, the infrastructure of harvesting the natural gas is not a priority. Shipping oil by train doesnt operate under the same price restraints as oil pipelines, which are regulated much like utilities by the federal government. Copyright 2023 IBTimes LLC. 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. 801 3rd St. S Cancelled by Biden on first day. More importantly, the assertion that Buffett donated $58 million to the Biden campaign is bogus. Education is a BS in Applied Mathematics, another BS in History, MBA studies all at Ohio schools. The Keystone XL pipeline was first proposed more than a decade ago during a period of high oil prices. 1800 I Street NW Our Standards: The Thomson Reuters Trust Principles. The Keystone veto override vote failed in the Senate. A chart shows China and India are leading in per capita carbon dioxide emissions. If you have an ad-blocker enabled you may be blocked from proceeding. (Read more about our partnership with Facebook.). Its not that big of a competitor, Buffett said at the time. Despite his stake in the railroad business, Buffett still expressed support for the controversial Keystone XL Pipeline. Warren Buffet donated 58 million to Biden campaign. Using U.S. federal government data, the McClatchy news service estimates that in 2013 more oil was spilled than in the previous four decades combined. 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.". Then again, he could have preferred BNSF because of its lower purchase price. Buffett has been reaping the benefits of the Keystone pipeline not being built because of his railroad shipping oil from the Bakken oil fields. OpenSecrets.org by the Center for Responsive Politics, a non-profit and nonpartisan research group based in Washington, D.C. focusing on government transparency and tracking money in politics, lists Warren Buffetts political contributions here . Financhill just revealed its top stock for investors right now so there's no better time to claim your slice of the pie. 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. Warren Buffet donated 58 million to Biden campaign. No pipeline failure has ever come close to this level of human death and suffering, Westenhaus points out. So score one for Reuters for setting the record straight (and correctly spelling Buffetts name). 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. 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. Jonathan Miltimore is the Managing Editor of FEE.org. Federal Election Commission records show that Buffett made no individual contributions in 2020. A Facebook post claims the Keystone Pipeline was blocked by Obama to benefit Buffett. Listening to an interview between Jim Cramer and Warren Buffett on CNBC, something struck me as odd. Photo of electric charging station powered by diesel generator is emblematic of the electric vehicle movement. So why all the fuss about the pipeline from Canada? This article was produced by the Reuters Fact Check team. It boils down to this. The posts say Buffett's railroad "is now transporting all that oil" following the Keystone XL Pipeline's cancellation. See how politics works? oil. But one reason, perhaps, is that the pipeline was spiked because of its low cost and efficiency. (Read more about our partnership with Facebook.). Born and raised in Northeast Ohio. 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. ", People not vaccinated against COVID-19 came out the best. It is not an environmental issue, it is a money issue "I think probably the Keystone Pipeline is a good idea from the country," he . That hasnt happened. Warren Buffet [t] would lose billions in transport fees if the pipeline is completed. 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. Drinking or using tap water treated with chlorine is dangerous because chlorine is a poison., Joe Biden described America as the foothills of the Himalayas with Xi Jinping., Kid Rock tweeted, Some people wouldnt recognize tyranny if it slapped a mask on their face, made them stand 6 feet apart, and forced them to take a vaccine for a virus with a 99.8% survival rate., The train that derailed in Ohio was carrying over 300,000 gallons of a chemical that was banned in 1974.. Sorry, there are no recent results for popular collections. Dr. Warren Buffet donated 58 million to Biden campaign. ", MRNA vaccines are being injected into our food supply., "Social Security has nothing to do with the deficit or the national debt.". Warren Buffett currently owns one railroad, BNSF. 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. Please. Pfizer made $37 billion in profit in its last quarter. More recently, rail executives themselves have said they expect to see crude-by-rail shipments increase because of Bidens executive order. A hefty sum, to be surethough one Buffett would hardly feel.). Warren Buffett, the billionaire owner of. And many of those rail lines and tankers belong to BNSF. The US State Department confirms that rail is a more dangerous way to transport oil compared to pipelines. 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. 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.. Please disable your ad-blocker and refresh. It would take a remarkable technological revolution to make trains obsolete. We don't find evidence that the decision was intended to benefit Buffett. Buffett did not endorse Mr. Biden, but both he and his wife voted for Mr. Biden, Bosanek told the AP in an email. See how politics works? Federal Election Commission records show that Buffett made no individual contributions in 2020. Buffett didnt make any contributions to Bidens 2020 presidential campaign. Wind farm construction is a possible cause of dead whales washing ashore in New Jersey. BNSFs value is about half that. Warren Buffet would lose billions in transport fees if the pipeline is completed. Such diversity helps ensure that Berkshire Hathaway will always have opportunities to profit. ", U.S. Rep. Ilhan Omar is "facing 40 years in prison and deportation after seven new crimes uncovered. Analysts have several theories about why Warren Buffett bought BNSF. The author has no business relationship with any company whose stock is mentioned in this article. Warren Buffet would lose billions in transport fees if the pipeline is completed. After all, the #1 stock is the cream of the crop, even when markets crash. Buffett, in fact, supported its construction. We need your help. By purchasing BNSF, Berkshire Hathaway got a longer railway at less than half the price of Union Pacific. What if you could ship the LNG from the west coast of the US or Canada? Mr. The transaction also meant that Berkshire Hathaway purchased $10 billion of BNSFs outstanding debt. 'Buoyed by an onshore oil boom, Burlington Northern Sante Fe has become a cash machine for Mr. Buffett,' Investment News reported in 2015. 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