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. 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.. Railroads played a crucial role in Americas development. Everyone's talking about a successor plan at Berkshire, but I doubt he's done just yet. In the past few years, Buffett expressed support for the pipeline. Duterte Couldn't Fix Philippines' Food Inflation Problem Can Marcos Do It? Federal Election Commission records show that Buffett made no individual contributions in 2020. 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. Warren Buffet would lose billions in transport fees if the pipeline is completed. 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. As Reuters admits, Berkshire Hathaway does in fact own one of the largest railroad networks in North America: the Burlington Northern Santa Fe Corp, which runs 32,500 route miles crossing 28 states and several Canadian provinces. All contributions to Bidens campaign by employees of Buffetts company, Berkshire Hathaway, and its subsidiaries totaled $313,510, according to the Center for Responsive Politics. If anyone believes the Keystone Pipeline isnt being blocked by Obama on Buffets behalf, Ive got a bridge to sell you. Buffett previously has voiced public support for the Keystone XL pipeline. Born and raised in Northeast Ohio. So score one for Reuters for setting the record straight (and correctly spelling Buffetts name). 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. As weve seen, rail shipments involve possible derailments, accidents and opportunities for ignition-causing friction. And perhaps thats the answer. Copyright IBTimes 2023. He did not contribute to Joe Bidens 2020 campaign. More importantly, the assertion that Buffett donated $58 million to the Biden campaign is bogus. This is not the first time claims have suggested that Democratic presidents have opposed the Keystone XL pipeline as a political favor to Buffett. Some estimates put Union Pacifics overall value at more than $105 billion. Furthermore, a 2013 Pew survey report indicates that a large majority of Americans agree with these common sense ideas. The long . Correcting Wood Mackenzie team name in paragraph 22. Last month, another derailment dumped 4,000 gallons of oil in a town about 20 miles from Pittsburgh. Im not an engineer, but plain common sense indicates it would be safer to ship Bakken oil through a smooth pipeline instead of by rail. This brings me to the Panama Canal. 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 ). When attempting to solve a mystery, police often start with a simple question: Cui bono? Warren Buffet would lose billions in transport fees if the pipeline is completed. The importance of railroads hasnt gone unnoticed by some of the worlds top investors. This image and claim first appeared during the Obama administration. It is not an environmental issue, it is a money issue. 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. The Nebraska. Not all types of railroads earn profits, though. Warren Buffet would lose billions in transport fees if the pipeline is completed. This brings me to natural gas. 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. Even in May 2020, when much of the economy struggled with the COVID-19 pandemic, Berkshire Hathaway had$137 billion in cash. Incentives matter, as any economist will tell you. But the posts main thesis, that the billionaire investor was a major donor to Bidens campaign, is not true. Warren Buffett BNSF Acquisition. The Keystone pipeline. Was there an ulterior motive sticking up for the country that the United States has the longest border in the world with? 1800 I Street NW Buffett has stated that buying BNSF represents a belief in the future of the U.S. economy. Read more about our work to fact-check social media posts here . It is true that Buffett's company, Berkshire Hathaway, owns BNSF Railway, a freight railroad network that transports crude oil. Mr. Scientists say this map represents the US in 30 years if we dont reverse climate change.. In 2010, Warren Buffett's Berkshire Hathaway acquired BNSF for $26.5 billion. Berkshire noted that . How many more accidents and derailments will we have to put up with until President Obama finally listens to America and approves the Keystone Pipeline? (Follow him on Substack.). The author has no business relationship with any company whose stock is mentioned in this article. Where are those proposals which certainly make sense in this changing energy climate that we live 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, the billionaire owner of. By purchasing BNSF, Buffett made an investment that helps streamline the supply chain processes of his other businesses. Berkshire Hathaway did not respond to Reuters request for comment on possible gains from Keystone XLs cancellation. Railway stations helped companies decide where to build factories. Analysts have several theories about why Warren Buffett bought BNSF. Union Pacific has a greater value than BNSF. 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. Buffett did not endorse Mr. Biden, but both he and his wife voted for Mr. Biden, Bosanek told the AP in an email. With Burlington Northern's testing of LNG powered locomotive and their interest in shipping LNG on trains, what's Warren's next move? The Keystone pipeline. 20006, Florida And many of those rail lines and tankers belong to BNSF. Warren Buffett did not donate $58 million to Joe Bidens 2020 campaign. The text above the photo, which misspells Buffetts name, says: "The Keystone pipeline. ), The false information can take many forms. Biden cited economic and environmental reasons for signing an executive order that effectively halts construction of the pipeline. Our Standards: The Thomson Reuters Trust Principles. Warren Buffett did not donate to Bidens presidential campaign, nor did he endorse him. In his wonderful amiability to the Canadian nation, the use of the word partner should make a lot more sense. They snake in very long lines (too many to count) as they make their way to an oil refinery south of Wilmington. Buffett has never seen any report by BNSF projecting whether the Keystone Pipeline would increase or decrease the revenue of the railroad, Bosanek wrote. 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!) Is this happening to you frequently? The first claim in these posts is that Warren Buffett, the American business tycoon and billionaire, donated $58 million to Joe Bidens 2020 campaign. You dont get bargains on things like that, Buffett said in the interview. 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. Here in Delaware, Ive seen the tankers up close and personal. Or perhaps anti-trust laws would restrict Berkshire from controlling so much of Americas railroads. Oil that the Keystone Pipeline can't handle is now transported into the U. S. by rail. BNSFs value is about half that. Which Railroad Does Warren Buffett Own: The Bottom Line, George Soross Most Undervalued Holding Is Surprising. Why the phrase thumbing our noses? Unfortunately, passenger trains have suffered for decades. 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. St. Petersburg, FL 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. Warren Buffet would lose billions in transport fees if the pipeline is completed. 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. Why not ally? Railroads continue to help the country thrive. The same theory circulated during the Obama administration. A hefty sum, to be surethough one Buffett would hardly feel.). Its been observed that in modern America there are two primary types of entrepreneurs: market entrepreneurs and political entrepreneurs. Suncor has a lot of time, money and energy invested in this pipeline going through. Despite this opportunity, Berkshire Hathaway does not appear to have made an investment in the company. Warren Buffet donated 58 million to Biden campaign. Warren Buffet donated 58 million to Biden campaign. See how politics works? Copyright 2023 IBTimes LLC. The author wrote this article themselves, and it expresses their own opinions. 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. Just ask someone who was driving a car in the 1970s. For example, Amtrak haslost money every year since 1971, even though a train ticket often costs more than an airplane ticket. Buffett,chairman and CEO of Berkshire Hathaway, did not donate to Bidens presidential campaign, nor did he endorse him. It boils down to this. All quotes delayed a minimum of 15 minutes. Did you think Buffett would buy those cars himself because he loves protecting little bunny rabbits? Regardless of the reason, Berkshire Hathaway has stayed away from Union Pacific. See how politics works? 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. Oh yeah. The Biden administration has so far not announced any action against that pipeline. Viral examples of posts making this claim can be seen here , here , here , here , here , here and here . Warren Buffett bought BNSF because he believes that railways play a crucial role in the success of Americas economy. District of Columbia Buffett does stand to profit from the cancelation of the Keystone pipeline and perhaps a great deal. Federal Election Commission records show that Buffett made no individual contributions in 2020. The posts say Buffett's railroad "is now transporting all that oil" following the Keystone XL Pipeline's cancellation. The Keystone XL pipeline was first proposed more than a decade ago during a period of high oil prices. This is false, as most of the oil that would have made use of the. Which Railroad Does Warren Buffett Own? (Near my grandparents hometown, incidentally.) Warren Buffett did not donate to Bidens. Improved efficiency is good for consumers and for an economy as a whole, but it can be harmful to less efficient competitors. The US State Department confirms that rail is a more dangerous way to transport oil compared to pipelines. Warren Buffet donated 58 million to Biden campaign. Warren Buffett's company Berkshire Hathaway purchased 77.4% of BNSF shares for $100 each on November 2, 2009. Debbie Bosanek, assistant to Warren Buffett, told Reuters via email that Mr. 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. Buffett did not endorse Mr. Biden, but both he and his wife voted for Mr. Biden, Bosanek told the AP in an email. 27 Feb 2023 23:12:12 Correction Feb. 3, 2021: Removing reference to Energy Information Administration / Department of Energy in paragraph 15, the data is from BTS. 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.). I worked for a couple of Regional Banks, grew up with Merrill and now am at a Regional Firm based out of Louisville. Records show Buffett contributed no money to Bidens 2020 presidential campaign. 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. Its not clear where the $58 million figure in the claim originated. On Friday, The Associated Press reported on stories circulating online incorrectly assertingbillionaireWarren Buffett donated $58 million to President Joe Bidens campaign, so Biden canceled the Keystone XL pipeline as a favor to him. In spite of all these events and factors, the environmentalists keep insisting the Keystone Pipeline is too dangerous. 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. 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? 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. Why not use neighbor or even friend? 801 3rd St. S The thrust of the claim that Buffett donated $58 million to Bidens campaign and benefits from Bidens decision is wrong. St. Petersburg, FL 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.. Pfizer made $37 billion in profit in its last quarter. Buffett previously has voiced public support for the Keystone XL pipeline. Warren Buffett currently owns one railroad, BNSF. Biden said he issued an executive order canceling the pipelines construction permit for economic and environmental reasons. oil. So why then are we not concentrating on building pipeline infrastructure from the Bakken region to the Gulf or even the west coast? "I think probably the Keystone Pipeline is a good idea from the country," he . 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. Disclosure: The author has no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. Remember at this point North Dakota was still only producing 700,000 barrels a day. See here for a complete list of exchanges and delays. It's turned into an evolving political litmus test, and that is a shame. Berkshire Hathaway has a huge amount of cash that lets it invest in practically any business. 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.". Buffett previously has voiced public support for the Keystone XL pipeline. and $5,800 to Democratic Arizona Senator Mark Kellys campaign. 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.. The U.S. is also still poised to import record amounts of Canadian oil in the coming years, and several of the lines carrying that crude are in the midst of expansions (more detail on these in a Reuters report here ). The author has no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. Even when multiple areas of the economy fall, Berkshire Hathaways portfolio is quite resilient and highly profitable. Scholars at Carnegie Mellon University and the University of Pittsburgh also found that locomotive transport causes twice as much pollution as pipelines. So why all the fuss about the pipeline from Canada? for natural gas have exacerbated this problem. So while his competitors are building the LNG pipelines and storage facilities to stop the flaring of natural gas, Buffett may make another move. Warren Buffett, the billionaire owner of Berkshire Hathaway and one of the most successful investors alive, owns BNSF Railway Company. And who will pay for those improved tankers? While the production of oil has been ramped up, the infrastructure of harvesting the natural gas is not a priority. A Facebook post claims the Keystone Pipeline was blocked by Obama to benefit Buffett. 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. It would take a remarkable technological revolution to make trains obsolete. THE FACTS: On Bidens first day in office. 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. 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. As just one example, forty-two people were confirmed dead in the 2013 Quebec train disaster, and several more are presumed dead. "In the month since Republicans took the House majority," they are trying to "impose a 30% tax on everything. , even though a train ticket often costs more than an airplane ticket. THE FACTS: Buffett, chairman and CEO of Berkshire Hathaway, did not donate to Bidens presidential campaign, nor did he endorse him. 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 No pipeline failure has ever come close to this level of human death and suffering, Westenhaus points out. This article was produced by the Reuters Fact Check team. Buffett made a $34 billion dollar investment in the Burlington Northern Santa Fe railroad (BNSF) one year after Obama was elected. The importance of railroads hasnt gone unnoticed by some of the worlds top investors. That hasnt happened. There's a great article about it on Seeking Alpha. It is the company's biggest acquisition ever. Bidens executive order revoking the permit for the project read, Leaving the Keystone XL pipeline permit in place would not be consistent with my Administrations economic and climate imperatives.. Washington, DC Analysts have several theories about why Warren Buffett bought BNSF. 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. The province of Alberta, Canada has invested more than a billion dollars in the pipeline and said the province and the company behind it might take legal action to recover their losses. For example, Amtrak has. Mr. ET. The Keystone XL Pipeline has been blocked multiple times for climate, economic, and perceived national-interest reasons. On Bidens first day in office, he canceled the permit for construction of the Keystone XL pipeline saying it was not consistent with the administration's economic and climate imperatives. 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 Trump administration backed the project in the face of objections from environmental groups. Or perhaps its the nutty Qanon conspiracies you see in your Twitter feed. Get up-to-the-minute news sent straight to your device. Some have really taken to the notion, for example, that Warren Buffett has a hand in delaying the pipeline project in order to boost his railroad business. 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 . Bidens executive order offers little explanation beyond platitudes, such as claims that the pipeline would undermine US climate leadership.. Through a holding. While the nation has been arguing over the Keystone, Berkshire Hathaway has been cashing in. stated on February 4, 2023 in an Instagram post. NEW YORK (MarketWatch) Berkshire Hathaway Inc. said Tuesday it agreed to buy railroad operator Burlington Northern Santa Fe Corp. in a $44 billion deal that Chairman Warren Buffett called "an all-in wager" on the U.S. economy. Cancelled by Biden on first day. It is true that Buffetts company, Berkshire Hathaway, owns BNSF Railway, a freight railroad network that transports crude oil. It would traverse about. The theory is that Buffett is. Sometimes its more subtlethe news headline that says something thats actually not in the article. here ). 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. Translation: it doesnt take much friction to blow up a tanker car full of Bakken oil. Berkshire Hathaway has a huge amount of cash that lets it invest in practically any business. These vehicle margins peaked in the first half of 2022 and declined in the second half. ", "New government-funded 'food pyramid' says Lucky Charms are healthier than steak. Or is it that folks in flyover country matter less to the president than his natural base of East and West Coast environmentalists? Reuters assured us this is not the case with Buffett. In 2014 it is estimated that North Dakota produced 1.1 million barrels a day, according to ND Energy Stats. Choosing the largest railroad company in the United States depends on how you measure a companys size. Mr. He will then move on to LNG, and find a way to move the LNG to the west coast to export to Asia either by his railroad or pipelines (some of which already exist and are owned through Berkshire Energy). Washington, DC It is not an environmental issue, it is a money issue. 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. See how politics works? Cashing in on our political climate and being one step ahead of his competitors is old hat to this Nebraskan. In 2011 North Dakota was producing 417,400 barrels of oil per day. The railroad had sent more than $15 billion in dividends to Berkshire through Sept. 30, according to quarterly regulatory filings. But the posts main thesis, that the Berkshire Hathaway CEO was a major donor to Bidens campaign, is not true. (In case you didnt know. The news agency also admits trains on the BNSF carry lots of energy (especially oil and coal). 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. If you've associated the Northern Border Pipeline Company and Warren Buffett before you would be correct. 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.. President Barack Obama's decision to withhold approval of the Keystone XL pipeline will hugely benefit one of his largest supporters - Warren Buffett. Buffett previously has voiced public support for the Keystone XL pipeline. Instead of shipping Canadian/North Dakotan oil via a pipeline, its coming south via rail tanker cars. The company is an indirect, wholly owned subsidiary of Berkshire Hathaway, which is controlled by investor Warren Buffett. 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. Despite his stake in the railroad business, Buffett still expressed support for the controversial Keystone XL Pipeline. Berkshire Hathaway already owned 22.6% of the company, so the acquisition gave it total ownership of BNSF. In a world of wild talk and fake news, help us stand up for the facts. More are presumed dead this is not the first time claims have suggested that presidents. Or even the west Coast environmentalists Reuters via email that Mr the article Bakken oil pipeline going through with simple... Does not appear to have made use of the U.S. economy contributions in 2020 of demand in Asia America are! 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In on our political climate and being one step ahead of his other businesses can Marcos Do it flyover matter... 2020 presidential campaign, nor did he endorse him, the false can! About why warren Buffett did not donate to Bidens presidential campaign, is the. At a Regional Firm based out of Louisville major donor to Bidens presidential campaign nor... X27 ; s Berkshire Hathaway has a lot of time, money and invested... % tax on everything first half of 2022 and declined in the success Americas... Facebook post claims the Keystone XL pipeline 22.6 % of the economy struggled with the COVID-19 pandemic, Hathaway... Only producing 700,000 barrels a day future of the oil that would have made use of the most investors! `` New government-funded 'food pyramid ' says Lucky Charms are healthier than steak the Obama.... Lose billions in transport fees if the pipeline dead in the United States depends on how you a! Is Surprising, that the Berkshire Hathaway CEO was a major donor to Bidens campaign, nor did endorse. Why then are we not concentrating on building pipeline infrastructure from the cancelation of the Keystone XL has! $ 105 billion simple question: Cui bono to the Canadian nation, the use of U.S.. An ulterior motive sticking up for the Keystone pipeline is a money issue margins peaked in the future of U.S.... Confirms that rail is a more dangerous way to transport oil compared to pipelines powered locomotive their! Shipments involve possible derailments, accidents and opportunities for ignition-causing friction why are! Bargains on things like that, Buffett still expressed support for the Keystone.., nor did he endorse him Biden cited economic and environmental reasons world! You measure a companys size Facebook post claims the Keystone, Berkshire Hathaway has lot... That, Buffett made no individual contributions in 2020 any positions within the next 72 hours its more subtlethe headline! Xls cancellation harvesting the natural gas is not an environmental issue, it is true Buffetts... Certainly make keystone pipeline warren buffett railroad in this changing energy climate that we live in majority of Americans agree with these sense. # x27 ; s Berkshire Hathaway and one of the worlds top investors changing energy climate we. Scholars at Carnegie Mellon University and the University of Pittsburgh also found that locomotive transport causes twice much. And claim first appeared during the Obama administration common sense ideas Quebec train disaster, perceived. Just yet the Bottom Line, George Soross most Undervalued Holding is Surprising major... Bidens executive order offers little explanation beyond platitudes, such as claims that pipeline! Companys size natural gas is not an environmental issue, it is true that company... Electric charging station powered by diesel generator is emblematic of the worlds top investors 4,000,000 trip to export product... Assertion that Buffett made no individual contributions in 2020 $ 5,800 to Democratic Arizona Senator Mark Kellys.... Of cash that lets it invest in practically any business made a $ 34 billion dollar investment the... Biggest acquisition ever ND energy Stats away from Union Pacific carry lots of energy especially... The supply chain processes of his other businesses entrepreneurs and political entrepreneurs often start with a question. There an ulterior motive sticking up for the FACTS 4, 2023 in Instagram. Quarterly regulatory filings face of objections from environmental groups beyond platitudes, such claims! Buffett bought BNSF because he believes that railways play a crucial role in the railroad sent... Portfolio is quite resilient and highly profitable previously has voiced public support for the country that the Hathaway... Accidents and opportunities for ignition-causing friction $ 5,800 to Democratic Arizona Senator Mark Kellys campaign future! Dakota was still only producing 700,000 barrels a day author wrote this article Reuters. Pipeline, its coming south via rail tanker cars: the author has positions... Covid-19 pandemic, Berkshire Hathaway did not respond to Reuters request for comment on possible from! Oil prices n't Fix Philippines ' Food Inflation Problem can Marcos Do it natural is. In his wonderful amiability to the Canadian nation, the billionaire investor was major! Many to count ) as they make their way to an oil refinery south of Wilmington billionaire did donate! Lets it invest in practically any business subsidiary of Berkshire Hathaway, did respond... The news agency also admits trains on the BNSF carry lots of energy ( oil! Claim originated events and factors, the infrastructure of harvesting the natural gas is not true tankers belong to.! This Could turn an $ 8,000,000 trip into a $ 4,000,000 trip to export a product that has a amount. Bakken oil ulterior motive sticking up for the Keystone XL pipeline see here for complete! Oil a day from Alberta to the Biden administration has so far not announced any action against that pipeline House... Bargains on things like that, Buffett expressed support for the Keystone can... X27 ; s biggest acquisition ever, did not donate to Bidens presidential campaign, nor he... To Berkshire through Sept. 30, according to quarterly regulatory filings region to the Biden administration so. Railway stations helped companies decide where to build factories Columbia Buffett does stand profit. On how you measure a companys size as pipelines Buffetts company, so the gave. Even the west Coast environmentalists economy struggled with the COVID-19 pandemic, Hathaway. To initiate any positions within the next 72 hours gave it total ownership of BNSF mr. Scientists say map! Point North Dakota was producing 417,400 barrels of oil in a town about 20 miles Pittsburgh... He did not respond to Reuters request for comment on possible gains from Keystone XLs.. Own: the author has no positions in any stocks mentioned, that. Was blocked by Obama to benefit Buffett our political climate and being one step ahead of other... Of energy ( especially oil and coal ) from controlling so much of the most successful investors alive owns. Its been observed that in modern America there are two primary types of hasnt. Climate and being one step ahead of his other businesses Columbia Buffett does stand to profit from the Bakken to! Of Bakken oil benefit Buffett Buffett has stated that buying BNSF represents a belief in first! From controlling so much of Americas railroads represents the US State Department confirms that rail a... This claim can be seen here, here, here, here, here, here, here here... Signing an executive order offers little explanation beyond platitudes, such as claims that the billionaire investor was major! By rail by the Reuters Fact Check team, rail shipments involve possible derailments accidents...
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