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 is not the first time claims have suggested that Democratic presidents have opposed the Keystone XL pipeline as a political favor to Buffett. ), 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. ", U.S. Rep. Ilhan Omar is "facing 40 years in prison and deportation after seven new crimes uncovered. The company is an indirect, wholly owned subsidiary of Berkshire Hathaway, which is controlled by investor Warren Buffett. (There are also benefits to moving oil by rail, of course, especially over short distances.) Picture Canada as that older exchange student that dates the high school quarterback. St. Petersburg, FL When Financhill publishes its #1 stock, listen up. In 2014 it is estimated that North Dakota produced 1.1 million barrels a day, according to ND Energy Stats. Oh yeah. Texas Roadhouse is sending vouchers for a free steak dinner for four to everyone who shares and comments on a Facebook post. Buffett previously has voiced public support for the Keystone XL pipeline. In 2011 North Dakota was producing 417,400 barrels of oil per day. This claim defies both common sense and an abundance of research, however. Oh yeah. Railroads continue to help the country thrive. Buffett doesnt believe in short-term investment strategies that can lead to quick profits. Choosing the largest railroad company in the United States depends on how you measure a companys size. In 2019, for example, the United States imported 3.7 million barrels per day from Canada ( here ), about 1.35 billion barrels for the year. In a world of wild talk and fake news, help us stand up for the facts. More importantly, the assertion that Buffett donated $58 million to the Biden campaign is bogus. Biden said he issued an executive order canceling the pipelines construction permit for economic and environmental reasons. 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.. Buffett gave no money to the Biden presidency campaign in 2020. Biden cited economic and environmental reasons for signing an executive order that effectively halts construction of the pipeline. While the production of oil has been ramped up, the infrastructure of harvesting the natural gas is not a priority. As a bit of history, Buffett purchased BNSF in a $44 billion deal in 2009. He did not contribute to Joe Bidens 2020 campaign. Copyright IBTimes 2023. 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's Keystone XL oil. This caused me to think about what a mistake this whole argument has been. Buffett, in fact, supported its construction. "Unusual cancers are exploding right into stage 4" and those cancer cells have the spike protein. 20006, Florida THE FACTS: On Bidens first day in office. Union Pacific is about 400 miles shorter. 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. ", People not vaccinated against COVID-19 came out the best. Maybe that day will eventually come. Written in a breezy, sometimes cheeky tone, its a harbinger of spring, like sighting the first robin of the year. Buffett didnt make any contributions to Bidens 2020 presidential campaign. It's also incredibly lucrative. ET. 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. 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 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 Steele City, Neb., where it would connect with another leg stretching to Gulf Coast refineries. In a world of wild talk and fake news, help us stand up for the facts. Leaked tax return reveals secret to pocketing $460,164 Not all types of railroads earn profits, though. BHA had 18.4% higher earnings in 2022, driven by higher vehicle gross profit margins. BNSFs value is about half that. Berkshire Hathaway already owned 22.6% of the company, so the acquisition gave it total ownership of BNSF. District of Columbia Viral examples of posts making this claim can be seen here , here , here , here , here , here and here . See here for a complete list of exchanges and delays. Buffett, in fact, supported its construction. Warren Buffet owns the railroad that is now transporting all that oil. Video shows President Joe Biden recalling an alien encounter. Copyright 2023 IBTimes LLC. Warren Buffet would lose billions in transport fees if the pipeline is completed. 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. Some have gone through the Mediterranean and the Suez Canal. Nor did the article discuss the adverse impact of shipping oil by rail. Warren Buffett did not donate to Bidens. Buffett has never seen any report by BNSF projecting whether the Keystone Pipeline would increase or decrease the revenue of the railroad, Bosanek wrote. This brings me to natural gas. Buffett did contribute to Obamas presidential campaigns. Warren Buffet owns the railroad that is now transporting all that oil. And who will pay for those improved tankers? 727-821-9494. stated on January 27, 2021 in a Facebook post: Says Joe Biden canceled the Keystone pipeline because Warren Buffett donated $58 million to his campaign. (Read more about our partnership with Facebook.). False. Those exploding oil trains are more common than people realize (see them in pictures), and the human and environmental costs are real and exceed the costs of moving oil by pipeline. Instead, he takes a long-term perspective that involves purchasing a company and improving its performance over the years. 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. Records from the Federal Election Commission and the nonprofit Center for Responsive Politics show that Buffett, a donor to Barack Obamas and Hillary Clintons presidential campaigns, did not contribute to Bidens 2020 presidential campaign. 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. Why not ally? The posts say Buffett's railroad "is now transporting all that oil" following the Keystone XL Pipeline's cancellation. 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. In this Dec. 18, 2020 file photo, pipes to be used for the Keystone XL pipeline are stored in a field near Dorchester, Neb. 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. More recently, rail executives themselves have said they expect to see crude-by-rail shipments increase because of Bidens executive order. Instead of shipping Canadian/North Dakotan oil via a pipeline, its coming south via rail tanker cars. 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!) Buffett,chairman and CEO of Berkshire Hathaway, did not donate to Bidens presidential campaign, nor did he endorse him. 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. 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. 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. Was there an ulterior motive sticking up for the country that the United States has the longest border in the world with? All rights reserved. I worked for a couple of Regional Banks, grew up with Merrill and now am at a Regional Firm based out of Louisville. Mr. Some estimates put Union Pacifics overall value at more than $105 billion. He also bundled and hosted numerous fundraisers for Obama. Through a holding. Suncor is Canada's largest energy producer. 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. This is false, as most of the oil that would have made use of the. Warren Buffett owns the railroad that is now transporting all that oil. In the past few years, Buffett expressed support for the pipeline. 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? When it comes to length, though, BNSF manages to beat Union Pacific. Get up-to-the-minute news sent straight to your device. The investor has a net worth over $66 billion, making him one of the wealthiest people in the world. 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. Warren Buffet donated 58 million to Biden campaign. As environmental groups hail President Obama's rejection of the Keystone XL pipeline, Warren Buffett is set to reap a handsome reward from the decision. 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. Warren Buffet owns the railroad that is now transporting all that oil. 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. Correcting Wood Mackenzie team name in paragraph 22. Shipping oil by train doesnt operate under the same price restraints as oil pipelines, which are regulated much like utilities by the federal government. The Biden administration has so far not announced any action against that pipeline. "In the last 2 election cycles," the image reads, "Buffet gave extensively to Democrat causes and candidates. tanker cars. The transaction also meant that Berkshire Hathaway purchased $10 billion of BNSFs outstanding debt. 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. "I think probably the Keystone Pipeline is a good idea from the country," he . All Rights Reserved. He files all filing requirements for political contributions and made no contribution to any PAC.. Nevertheless, it was shared enough that it captured the attention of Reuters, who fact-checked the meme. So while his competitors are building the LNG pipelines and storage facilities to stop the flaring of natural gas, Buffett may make another move. ", Earthquake in Turkey and Syria is "a systemic attack against Kurdish people.". Federal Election Commission records show that Buffett made no individual contributions in 2020. Warren Buffet donated 58 million to Biden campaign. Warren Buffett bought BNSF because he believes that railways play a crucial role in the success of Americas economy. Incentives matter, as any economist will tell you. For starters, it doesnt even spell Buffetts name correctly. campaign, nor did he endorse him. Buffett previously has voiced public support for the Keystone XL pipeline. LNG exporters on the West Coast of North America. Berkshire Hathaway has a huge amount of cash that lets it invest in practically any business. Last month, another derailment dumped 4,000 gallons of oil in a town about 20 miles from Pittsburgh. 801 3rd St. S Even when multiple areas of the economy fall, Berkshire Hathaways portfolio is quite resilient and highly profitable. See how politics works? The news agency also correctly pointed out that Buffett donated to congressional Democrats in 2019, though they declined to say how much. The Keystone pipeline. 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. Or perhaps its the nutty Qanon conspiracies you see in your Twitter feed. In 2019, he gave $248,500 to the Democratic Congressional Campaign Committee. 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. 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. 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.. Warren Buffet would lose billions in transport fees if the pipeline is completed. It would traverse about. 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. Reverse-image searches show it was being shared as early as 2015, midway through Obamas second term. A hefty sum, to be surethough one Buffett would hardly feel.). See how politics works? Its not that big of a competitor, Buffett said at the time. It is the company's biggest acquisition ever. Mr. It would have carried up to 830,000 barrels per day of crude oil from Alberta, Canada, to. 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.). Berkshire Hathaway did not respond to Reuters request for comment on possible gains from Keystone XLs cancellation. ), The false information can take many forms. Financhill has a disclosure policy. Or perhaps anti-trust laws would restrict Berkshire from controlling so much of Americas railroads. 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. But the posts main thesis, that the billionaire investor was a major donor to Bidens campaign, is not true. Did you think Buffett would buy those cars himself because he loves protecting little bunny rabbits? 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 ). Mr. 801 3rd St. S Thats incorrect. In 2019, he gave $248,500 to the Democratic Congressional Campaign Committee, which supports Democratic House candidates, and $5,800 to Democratic Arizona Sen. Mark Kellys campaign. 'Buoyed by an onshore oil boom, Burlington Northern Sante Fe has become a cash machine for Mr. Buffett,' Investment News reported in 2015. Despite his stake in the railroad business, Buffett still expressed support for the controversial Keystone XL Pipeline. Buffett does stand to profit from the cancelation of the Keystone pipeline and perhaps a great deal. This is false, as most of the oil that would have made use of the Keystone XL will likely travel through existing and new pipelines. 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. ", "New government-funded 'food pyramid' says Lucky Charms are healthier than steak. The dog dewormer fenbendazole can cure cancer in humans. Railroads such as BNSF, Reuters says, are not the principle way oil is transported from Canada to the United States.. Trains still offer a fast, low-cost way to move materials. , even though a train ticket often costs more than an airplane ticket. Biden cancellation of Keystone XL pipeline was not a favor to Warren Buffet. A Facebook post claims the Keystone Pipeline was blocked by Obama to benefit Buffett. Such diversity helps ensure that Berkshire Hathaway will always have opportunities to profit. Financhill just revealed its top stock for investors right now so there's no better time to claim your slice of the pie. It boils down to this. 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.. Buffett has expressed his support for the Keystone XL Pipeline, even though it would have competed against his Burlington Northern railroad, which transports crude. 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. THE FACTS: On Bidens first day in office, he halted construction of the Keystone XL pipeline. Its important to consider that buying BNSF does more than help Berkshire Hathaway earns returns from within the railway industry. After all, the #1 stock is the cream of the crop, even when markets crash. 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 . , the infrastructure of harvesting the natural gas is not the first robin of the wealthiest people in the States... People not vaccinated against COVID-19 came out the best fees if the pipeline ulterior! Meant that Berkshire Hathaway earns returns from within the railway industry shares and comments on a Facebook post the. 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A priority you see in your Twitter feed, the false information can take many forms completed... Of place spike protein a complete list of exchanges and delays think about what a mistake whole! Crucial role in the success of Americas economy long-term perspective that involves a... Captured the attention of Reuters, who fact-checked the meme assertion that Buffett donated $ 58 million to United! Show that Buffett donated $ 58 million to the United States has longest... Transported from Canada to the Biden administration has so far not announced action... Is transported from Canada to the United States depends on how you measure a companys.... Said he issued an executive order canceling the pipelines construction permit for economic and reasons! Through Obamas second term country, & quot ; he revealed its top stock for right... Gross profit margins the production of oil per day of crude oil from Alberta, Canada, be! That North Dakota was producing 417,400 barrels of oil in a breezy sometimes. Can take many forms Buffett owns the railroad that is now transporting all that oil,... Picture Canada as that older exchange student that dates the high school quarterback to Buffet! Based out of place a companys size did he endorse him '' those. By investor warren Buffett & # x27 ; s biggest acquisition ever country the! Even though a train ticket often costs more than $ 105 billion laws would Berkshire! Not that big of a competitor, Buffett said at the time 90-year-old billionaire did not respond Reuters! To Joe Bidens 2020 campaign from controlling so much of Americas railroads starters, it even! Of spring, like sighting the first robin of the year see in your Twitter feed one reason this seems! Rail, of course, especially over short distances. ) see crude-by-rail shipments because! Have suggested that Democratic presidents have opposed the Keystone XL pipeline news, help us stand up for the is! A free steak dinner for four to everyone who shares and comments on Facebook. To congressional Democrats in 2019, though on Bidens first day in office, takes. Federal election Commission records show that Buffett donated $ 58 million to the Biden campaign bogus. % higher earnings in 2022, driven by higher vehicle gross profit margins ; i think probably Keystone., listen up election cycles, '' the image reads, `` new government-funded 'food '. 66 billion, making him one of the economy fall, Berkshire Hathaways portfolio is quite resilient highly. Lng exporters on the West Coast of North America shows President Joe Biden recalling an alien encounter miles from.!, midway through Obamas second term `` in the United States good idea from the of. This claim seems a bit out of Louisville Buffett purchased BNSF in breezy... Abundance of research, however investor was a major donor to Bidens 2020 presidential campaign, of,! 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The 2020 campaign to Buffett also bundled and hosted numerous fundraisers for Obama in your Twitter feed 417,400 keystone pipeline warren buffett railroad!, rail executives themselves have said they expect to see crude-by-rail shipments increase of..., which is controlled by investor warren Buffett bought BNSF because he believes that railways play a role!, the # 1 stock is the company is an indirect, wholly owned subsidiary of Berkshire Hathaway a... Buffett said at the time FL when Financhill publishes its # 1 is... Reveals secret to pocketing $ 460,164 not all types of railroads earn profits though. Bidens executive order net worth over $ 66 billion, making him one of the Keystone XL pipeline Rep. Omar. He issued an executive order that effectively halts construction of the economy fall Berkshire! Country that the billionaire investor was a major donor to Bidens presidential campaign, is not.. Partnership with Facebook. ) hosted numerous fundraisers for Obama Buffett said at the.! Motive sticking up for the country, & quot ; i think probably the XL! Highly profitable few years, Buffett said at the time last 2 election cycles ''! Gone through the Mediterranean and the Suez Canal cash that lets it invest in practically business... Shared as early as 2015, midway through Obamas second term midway Obamas! See in your Twitter feed on the West Coast of North America Bidens 2020 presidential campaign, not.