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. If you've associated the Northern Border Pipeline Company and Warren Buffett before you would be correct. Warren Buffet donated 58 million to Biden campaign. If anyone believes the Keystone Pipeline isnt being blocked by Obama on Buffets behalf, Ive got a bridge to sell you. 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. Warren Buffett did not donate to Bidens. The author has no business relationship with any company whose stock is mentioned in this article. A pure market entrepreneur, or capitalist, succeeds financially by selling a newer, better, or less expensive product on the free market without any government subsidies, writes economist Thomas DiLorenzo. Video shows President Joe Biden recalling an alien encounter. And perhaps thats the answer. With a nearby railway, every company from a family-run farm to a massive manufacturer had an easier way to ship its products. St. Petersburg, FL Canada is the primary supplier of foreign oil to the United States. It's also incredibly lucrative. Records show Buffett contributed no money to Bidens 2020 presidential campaign. In a world of wild talk and fake news, help us stand up for the facts. 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. It's turned into an evolving political litmus test, and that is a shame. It boils down to this. The author is not receiving compensation for it. 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. tanker cars. This article was produced by the Reuters Fact Check team. The meme is clearly wrong on multiple points. Berkshire Hathaway already owned 22.6% of the company, so the . Read more about our work to fact-check social media posts here . Stay up to date with our daily newsletter, With Public Comment Ending, Oil Industry Leader Urges Keystone Approval, Obama Won't Be Rushed Into Keystone Pipeline Decision, Household Names Locked Out As Americans Turn To Private-Brand Alternatives. 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. If you have an ad-blocker enabled you may be blocked from proceeding. Listening to an interview between Jim Cramer and Warren Buffett on CNBC, something struck me as odd. Because of this, operators prefer to use pipelines and use rail only as a backup.. Translation: it doesnt take much friction to blow up a tanker car full of Bakken oil. Instead, he takes a long-term perspective that involves purchasing a company and improving its performance over the years. Buffett has expressed his support for the Keystone XL Pipeline, even though it would have competed against his Burlington Northern railroad, which transports crude. Warren Buffet [t] donated 58 million to Biden campaign. 27 Feb 2023 23:12:12 Texas Roadhouse is sending vouchers for a free steak dinner for four to everyone who shares and comments on a Facebook post. LNG exporters on the West Coast of North America. Buffett,chairman and CEO of Berkshire Hathaway, did not donate to Bidens presidential campaign, nor did he endorse him. It is true that Buffetts company, Berkshire Hathaway, owns BNSF Railway, a freight railroad network that transports crude oil. When attempting to solve a mystery, police often start with a simple question: Cui bono? According to Federal Election Commission records, Buffett did not contribute to Joe Bidens 2020 presidential campaign. Union Pacific has a greater value than BNSF. Warren Buffet donated 58 million to Biden campaign. Why are we importing the oil from Canada to be refined here? Oh yeah. 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. The Keystone pipeline. The meme contains information that is demonstrably false. See how politics works? Federal Election Commission records show that Buffett made no individual contributions in 2020. Its not that big of a competitor, Buffett said at the time. While Buffett has been cashing in on the Keystone being delayed, he's moved into a formidable position in Suncor and Phillips 66 (PSX) (who does the refining of the oil at the end of the pipeline). Reverse-image searches show it was being shared as early as 2015, midway through Obamas second term. 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. ", Earthquake in Turkey and Syria is "a systemic attack against Kurdish people.". Its not clear where the $58 million figure in the claim originated. Warren Buffet owns the railroad that is now transporting all that oil. The horrible truth is train transport is far more dangerous, energy writer Brian Westenhaus has pointed out. Furthermore, a 2013 Pew survey report indicates that a large majority of Americans agree with these common sense ideas. Maybe its the fake Robin Williams quote your aunt shared on Facebook. 20006, Florida Did you think Buffett would buy those cars himself because he loves protecting little bunny rabbits? here ). (In case you didnt know. The thrust of the claim that Buffett donated $58 million to Bidens campaign and benefits from Bidens decision is wrong. The theory is that Buffett is. Financhill just revealed its top stock for investors right now so there's no better time to claim your slice of the pie. Why not use neighbor or even friend? Theyll tell you about how the Middle Easts 1973 and 1979 embargoes against exporting oil to the U.S. resulted in long lines at the gas pump, rules about filling up your tank based upon whether your license plate ended in an even or odd number, etc. Morningstar analyst Gregg Warren projects that the Dominion pipeline assets will generate $1 billion in earnings before interest, taxes and depreciation and amortization, for Berkshire Hathaway. For example, Amtrak has. Education is a BS in Applied Mathematics, another BS in History, MBA studies all at Ohio schools. Essentially, improved efficiency is good for consumers and for an economy as a whole, but it can be harmful to less efficient competitors. This post may contain affiliate links or links from our sponsors. So why all the fuss about the pipeline from Canada? We are concentrating on the wrong pipeline. Suncor is Canada's largest energy producer. Its expensive to transport crude by rail, especially over long distances, Ben Cahill, a senior fellow in the Energy Security and Climate Change Program at the Center for Strategic and International Studies, told Reuters. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. Warren Buffett, the billionaire owner of. That's incorrect. 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. Warren Buffet donated 58 million to Biden campaign. 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. 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 important to consider that buying BNSF does more than help Berkshire Hathaway earns returns from within the railway industry. False. Just ask someone who was driving a car in the 1970s. One reason this claim seems a bit out of place? Its expensive to transport crude by rail, especially over long distances, Ben Cahill, a senior fellow in the Energy Security and Climate Change Program at the Center for Strategic and International Studies (CSIS), told Reuters via email. 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. 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.. When Financhill publishes its #1 stock, listen up. In this Dec. 18, 2020 file photo, pipes to be used for the Keystone XL pipeline are stored in a field near Dorchester, Neb. There have been rumors for years that Warren Buffett would buy Union Pacific. Warren Buffet would lose billions in transport fees if the pipeline is completed. 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. Buffett does stand to profit from the cancelation of the Keystone pipeline and perhaps a great deal. Bloomberg News stated it was the 10th such derailment in North America in the past 12 months. Union Pacific has a greater value than BNSF. Despite his stake in the railroad business, Buffett still expressed support for the controversial Keystone XL Pipeline. In his wonderful amiability to the Canadian nation, the use of the word partner should make a lot more sense. Warren Buffet owns the railroad that is now transporting all that oil. Warren Buffet would lose billions in transport fees if the pipeline is completed. 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. Instead of shipping Canadian/North Dakotan oil via a pipeline, its coming south via rail tanker cars. You dont get bargains on things like that, Buffett said in the interview. Nor did the article discuss the adverse impact of shipping oil by rail. 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. 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 ). It would take a remarkable technological revolution to make trains obsolete. Federal Election Commission records show that Buffett made no individual contributions in 2020. Where are those proposals which certainly make sense in this changing energy climate that we live in? It is true that Buffett's company, Berkshire Hathaway, owns BNSF Railway, a freight railroad network that transports crude oil. Its not that big of a competitor, Buffett said at the time. CLAIM: Warren Buffett donated $58 million to President Joe Bidens campaign, so Biden canceled the Keystone XL pipeline as a favor to Buffett. Wind farm construction is a possible cause of dead whales washing ashore in New Jersey. Which Railroad Does Warren Buffett Own? The posts say Buffett's railroad "is now transporting all that oil" following the Keystone XL Pipeline's cancellation. 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. 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