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. In spite of all these events and factors, the environmentalists keep insisting the Keystone Pipeline is too dangerous. "In the month since Republicans took the House majority," they are trying to "impose a 30% tax on everything. 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. 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. 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. 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. 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. ), As for Buffett, on one hand he has shown he possesses the lobbying chops to avoid many of the federal regulations that plague his competitors and other parts of the transportations sector. (Read more about our partnership with Facebook.). It is not an environmental issue, it is a money issue. Pfizer made $37 billion in profit in its last quarter. COVID-19 vaccines "provide zero benefit relative to risk for the young and healthy.". Its been observed that in modern America there are two primary types of entrepreneurs: market entrepreneurs and political entrepreneurs. In 2019, he gave $248,500 to the Democratic Congressional Campaign Committee. Research shows the spill rate for hazardous material transported by rail is 33 times higher than pipelines. 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. Warren Buffett did not donate $58 million to Joe Bidens 2020 campaign. 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. A Facebook post claims the Keystone Pipeline was blocked by Obama to benefit Buffett. Forty-two people were confirmed dead in the 2013 Quebec train disaster, and several more are presumed dead. LNG exporters on the West Coast of North America. Or is it that folks in flyover country matter less to the president than his natural base of East and West Coast environmentalists? Railroads played a crucial role in Americas development. 20006, Florida The transaction also meant that Berkshire Hathaway purchased $10 billion of BNSFs outstanding debt. Washington, DC Biden halted the Keystone XL Pipeline on his first day in office through executive order, citing his administrations economic and climate interests. Months later, in an interview with Charlie Rose, the sage of Omaha admitted the price tag was steep. The end result is lower costs at the gas pump. See how politics works? 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. The railroad had sent more than $15 billion in dividends to Berkshire through Sept. 30, according to quarterly regulatory filings. Despite this opportunity, Berkshire Hathaway does not appear to have made an investment in the company. Warren Buffett did not donate to Bidens presidential campaign, nor did he endorse him. The US State Department confirms that rail is a more dangerous way to transport oil compared to pipelines. The meme is clearly wrong on multiple points. here ). Jonathan Miltimore is the Managing Editor of FEE.org. Burlington Northern Santa Fe, LLC is the parent company of the BNSF Railway (formerly the Burlington Northern and Santa Fe Railway). In 2014 it is estimated that North Dakota produced 1.1 million barrels a day, according to ND Energy Stats. Warren Buffett did not donate to Bidens. The purchase had a value of about $44 billion, making it the largest acquisition in Warren Buffetts career. APS ASSESSMENT: False. Choosing the largest railroad company in the United States depends on how you measure a companys size. Cancelled by Biden on first day. As per Reuters reports and industry experts, the Keystone XL Pipelines cancellation does not appear to mean a lucrative jump in business for crude-by-rail that might benefit Berkshire Hathaways BNSF railway. 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 has a disclosure policy. 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.). If anyone believes the Keystone Pipeline isnt being blocked by Obama on Buffets behalf, Ive got a bridge to sell you. 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. Railway stations helped companies decide where to build factories. See how politics works? There's a great article about it on Seeking Alpha. Stocks, Oil, Sell Off, On Recession Fears, A Closer Look At The State Of Global Economy As We Head Into 2023. He files all filing requirements for political contributions and made no contribution to any PAC.. We need your help. See how politics works? Warren Buffett, the billionaire owner of. (Editors write headlines, not reporters, and youd be surprised how many editors flub headlines.). The Canadian Prime Minister, Justin Trudeau, had a rocky relationship with President Trump. In this Dec. 18, 2020 file photo, pipes to be used for the Keystone XL pipeline are stored in a field near Dorchester, Neb. Rail executives themselves have said they expect to see crude-by-rail shipments increase because of Bidens executive order. Because of this, operators prefer to use pipelines and use rail only as a backup.. Buffett didnt make any contributions to Bidens 2020 presidential campaign. 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.. The meme (which I wont link to because I dont want to get slapped down for spreading fake news) went like this: The Keystone pipeline. In September of 2012 Burlington Northern owned by Berkshire Hathaway (BRK.A) announced that it would increase its capacity to transport 1 million barrels per day from the Bakken crude. Buffett said the pipeline would be good for Canada and America. oil. Why are we importing the oil from Canada to be refined here? 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 Keystone XL Pipeline has been blocked multiple times for climate, economic, and perceived national-interest reasons. At the time, Obama did reject a permit for Keystone XL, arguing in his Nov. 6, 2015, statement that the pipeline would not lower gas prices, increase the nations energy security or make a meaningful long-term contribution to the U.S. economy. I worked for a couple of Regional Banks, grew up with Merrill and now am at a Regional Firm based out of Louisville. Oh yeah. 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. See how politics works? 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). Buffett gave no money to the Biden presidency campaign in 2020, Buffett assistant Debbie Bosanek told Reuters. Natural gas for the most part is either used geographically close to where it is harvested in North Dakota or it is burned off in a process called flaring. Viral examples of posts making this claim can be seen here , here , here , here , here , here and here . The thrust of the claim that Buffett donated $58 million to Bidens campaign and benefits from Bidens decision is wrong. Sometimes its more subtlethe news headline that says something thats actually not in the article. The news agency also admits trains on the BNSF carry lots of energy (especially oil and coal). Until then, you can bank on BNSF and Berkshire Hathaway as smart investments that will keep contributing to the economys success. ", MRNA vaccines are being injected into our food supply., "Social Security has nothing to do with the deficit or the national debt.". It is the company's biggest acquisition ever. Union Pacific has a greater value than BNSF. The Keystone XL pipeline, first proposed more than a decade ago during a period of high oil prices, was to have carried up to 830,000 barrels per day of crude oil from Alberta, Canada, to. Buoyed by an onshore oil boom, Burlington Northern Sante Fe has become a cash machine for Mr. Buffett, the news outlet reported. Correcting Wood Mackenzie team name in paragraph 22. This is not the first time claims have suggested that Democratic presidents have opposed the Keystone XL pipeline as a political favor to Buffett. 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. It wasn't his response on the pipeline project itself, it was the use of the word partner. And perhaps thats the answer. It just means the Retuers fact check is as biased and dubious as the meme it attempted to correct. In the past few years, Buffett expressed support for the pipeline. Buffett supported the pipeline. stated on February 4, 2023 in an Instagram post. It is true that Buffetts company, Berkshire Hathaway, owns BNSF Railway, a freight railroad network that transports crude oil. Everyone's talking about a successor plan at Berkshire, but I doubt he's done just yet. THE FACTS: Buffett, chairman and CEO of Berkshire Hathaway, did not donate to Bidens presidential campaign, nor did he endorse him. Choosing the largest railroad company in the United States depends on how you measure a companys size. By purchasing BNSF, Buffett made an investment that helps streamline the supply chain processes of his other businesses. This post may contain affiliate links or links from our sponsors. Warren Buffet donated 58 million to Biden campaign. 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. A historic look (1982-2018) at the transportation prevalence of pipelines, marine vessels, rail and truck for oil transport is visible here . 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 ). Warren Buffet owns the railroad that is now transporting all that oil. It also gives Buffett opportunities to make his other investments more valuable. Buffett,chairman and CEO of Berkshire Hathaway, did not donate to Bidens presidential campaign, nor did he endorse him. Our Standards: The Thomson Reuters Trust Principles. (In case you didnt know. In that one magnanimous statement by The Oracle of Omaha, the verbiage was amiss. Where are those proposals which certainly make sense in this changing energy climate that we live in? Washington, DC See how politics works? One reason this claim seems a bit out of place? Buffett doesnt believe in short-term investment strategies that can lead to quick profits. Buffett previously has voiced public support for the Keystone XL pipeline. It also gives Buffett opportunities to make his other investments more valuable. Texas Roadhouse is sending vouchers for a free steak dinner for four to everyone who shares and comments on a Facebook post. But the posts main thesis, that the Berkshire Hathaway CEO was a major donor to Bidens campaign, is not true. Maybe its the fake Robin Williams quote your aunt shared on Facebook. "Unusual cancers are exploding right into stage 4" and those cancer cells have the spike protein. Dyson is canceling their contract with Walmart and selling off Dyson Supersonic hair dryers only for $1!. Sorry, there are no recent results for popular collections. Buffett has never seen any report by BNSF projecting whether the Keystone Pipeline would increase or decrease the revenue of the railroad, Bosanek wrote. 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. (Near my grandparents hometown, incidentally.) 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. For example, Amtrak has. 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.. Essentially, market entrepreneurs create value for society by serving the wants and needs of consumers. ", The post was flagged as part of Facebooks efforts to combat false news and misinformation on its News Feed. Warren Buffet owns the railroad that is now transporting all that oil. Buffett, in fact, supported its construction. If you have an ad-blocker enabled you may be blocked from proceeding. Warren Buffet would lose billions in transport fees if the pipeline is completed. With more efficient railways, companies that need to distribute products all over the country can improve their profits. The newly widened Panama Canal opening in 2015 will be able to serve 89% of the LNG Shipping Freightors. 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. It's turned into an evolving political litmus test, and that is a shame. Why the phrase thumbing our noses? Mr. 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 Duterte Couldn't Fix Philippines' Food Inflation Problem Can Marcos Do It? Bylines: Newsweek, The Washington Times, MSN.com, The Washington Examiner, The Daily Caller, The Federalist, the Epoch Times. Education is a BS in Applied Mathematics, another BS in History, MBA studies all at Ohio schools. What Buffett doesnt mention is that this success is directly related to the lack of the Keystone Pipeline. Wind farm construction is a possible cause of dead whales washing ashore in New Jersey. 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 perhaps its the nutty Qanon conspiracies you see in your Twitter feed. 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. Oil that the Keystone Pipeline can't handle is now transported into the U. S. by rail. A Facebook post claims the Keystone Pipeline was blocked by Obama to benefit Buffett. 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