keystone pipeline warren buffett railroadkeystone pipeline warren buffett railroad

), The false information can take many forms. Please, enable JavaScript and reload the page to enjoy our modern features. Cashing in on our political climate and being one step ahead of his competitors is old hat to this Nebraskan. The posts say Buffett's railroad "is now transporting all that oil" following the Keystone XL Pipeline's cancellation. 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. Our Standards: The Thomson Reuters Trust Principles. How did it happen? See how politics works? Bidens executive order offers little explanation beyond platitudes, such as claims that the pipeline would undermine US climate leadership.. The meme is clearly wrong on multiple points. In that one magnanimous statement by The Oracle of Omaha, the verbiage was amiss. The Biden administration has so far not announced any action against that pipeline. In his wonderful amiability to the Canadian nation, the use of the word partner should make a lot more sense. This claim defies both common sense and an abundance of research, however. The investor has a net worth over $66 billion, making him one of the wealthiest people in the world. Buffett gave no money to the Biden presidency campaign in 2020. Unfortunately, passenger trains have suffered for decades. You have permission to edit this article. 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. 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. 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. A Buffett spokeswoman has said that Buffett voted for Biden and that he does not have a position on how the pipeline might have affected BNSF Railway, a freight railroad network owned by Berkshire Hathaway that transports crude oil. Its trains carry energy (such as oil and coal), agricultural and consumer products. With more efficient railways, companies that need to distribute products all over the country can improve their profits. LNG exporters on the West Coast of North America. BNSFs value is about half that. A hefty sum, to be surethough one Buffett would hardly feel.). Washington, DC One reason this claim seems a bit out of place? 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. "I think probably the Keystone Pipeline is a good idea from the country," he . 801 3rd St. S While the production of oil has been ramped up, the infrastructure of harvesting the natural gas is not a priority. Warren Buffet owns the railroad that is now transporting all that oil. 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.". 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. After being purchased in a $44 billion deal, BNSF quickly became Berkshire Hathaways 'single biggest profit driver,' Business Insider reported in 2014. ", The image was flagged as part of Facebooks efforts to combat false news and misinformation on its News Feed. The US State Department confirms that rail is a more dangerous way to transport oil compared to pipelines. President Barack Obama's decision to withhold approval of the Keystone XL pipeline will hugely benefit one of his largest supporters - Warren Buffett. Warren Buffet donated 58 million to Biden campaign. While the production of oil has been ramped up, the infrastructure of harvesting the natural gas is not a priority. Incentives matter, as any economist will tell you. 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. As weve seen, rail shipments involve possible derailments, accidents and opportunities for ignition-causing friction. (Editors write headlines, not reporters, and youd be surprised how many editors flub headlines.). 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. 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 ). 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. Buffett says that heconsiders buying BNSF anall-in wager on the economic future of the United States.. 1800 I Street NW The Keystone pipeline. Berkshire noted that . 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. "Unusual cancers are exploding right into stage 4" and those cancer cells have the spike protein. It is not an environmental issue, it is a money issue THE FACTS: On Bidens first day in office. Buoyed by an onshore oil boom, Burlington Northern Sante Fe has become a cash machine for Mr. Buffett, the news outlet reported. Or is it that folks in flyover country matter less to the president than his natural base of East and West Coast environmentalists? See how politics works? Buffett previously has voiced public support for the Keystone XL pipeline. How long would the trip be and how much would it cost? 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. Pfizer made $37 billion in profit in its last quarter. Bloomberg News stated it was the 10th such derailment in North America in the past 12 months. Please. 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.. In short, rail infrastructures cannot compete with existing pipelines to transport oil at the rate the United States does. Perhaps he doesnt want to buy a railway that will compete with BNSF. Warren Buffet owns the railroad that is now transporting all that oil. Sometimes its more subtlethe news headline that says something thats actually not in the article. But one reason, perhaps, is that the pipeline was spiked because of its low cost and efficiency. Despite his stake in the railroad business, Buffett still expressed support for the controversial Keystone XL Pipeline. Its not an environmental issue, it is a money issue. Buffett has expressed his support for the Keystone XL Pipeline, even though it would have competed against his Burlington Northern railroad, which transports crude. It is true that Buffetts company, Berkshire Hathaway, owns BNSF Railway, a freight railroad network that transports crude oil. Railway stations helped companies decide where to build factories. Buffett supported the pipeline. here ). 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. Warren Buffet would lose billions in transport fees if the pipeline is completed. It's also incredibly lucrative. (Read more about our partnership with Facebook.). But the posts main thesis, that the Berkshire Hathaway CEO was a major donor to Bidens campaign, is not true. Union Pacific is about 400 miles shorter. Scholars at Carnegie Mellon University and the University of Pittsburgh also found that locomotive transport causes twice as much pollution as pipelines. And many of those rail lines and tankers belong to BNSF. Months later, in an interview with Charlie Rose, the sage of Omaha admitted the price tag was steep. There have been rumors for years that Warren Buffett would buy Union Pacific. 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. Oil transport had a lot to do with, Investment News reported in 2015. Shipping oil by train doesnt operate under the same price restraints as oil pipelines, which are regulated much like utilities by the federal government. Buffett, in fact, supported its construction. You dont get bargains on things like that, Buffett said in the interview. The Keystone XL Pipeline has been blocked multiple times for climate, economic, and perceived national-interest reasons. See how politics works? Heres more information on Facebooks fact-checking program: https://www.facebook.com/help/1952307158131536, Connect with the definitive source for global and local news, APS ASSESSMENT: False. Suncor has a lot of time, money and energy invested in this pipeline going through. 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. See how politics works? 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. RT @Frida_Goman: Biden canceled the Keystone Pipeline because it was unsafe. Our only agenda is to publish the truth so you can be an informed participant in democracy. 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