That said, Reuters claims dont add up, and the news agency omits relevant facts about Buffetts rail operation. Biden halted the Keystone XL Pipeline on his first day in office through executive order, citing his administrations economic and climate interests. On the other hand, its not unreasonable to suspect that unproductive entrepreneurship may have played a role. 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. The company is an indirect, wholly owned subsidiary of Berkshire Hathaway, which is controlled by investor Warren Buffett. 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. Video shows President Joe Biden recalling an alien encounter. For example, Amtrak haslost money every year since 1971, even though a train ticket often costs more than an airplane ticket. ET. Unfortunately, passenger trains have suffered for decades. 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. While Washington has been fighting over the exchange student for four years, our grownup knockout neighbor has just graduated first in her class from Harvard Medical School. BNSFs value is about half that. Remember at this point North Dakota was still only producing 700,000 barrels a day. Buffett has never seen any report by BNSF projecting whether the Keystone Pipeline would increase or decrease the revenue of the railroad, Bosanek wrote. The survey found that 65 percent of Americans support building the Keystone pipeline. More recently, rail executives themselves have said they expect to see crude-by-rail shipments increase because of Bidens executive order. Berkshire Hathaway has a huge amount of cash that lets it invest in practically any business. That hasnt happened. In this Dec. 18, 2020 file photo, pipes to be used for the Keystone XL pipeline are stored in a field near Dorchester, Neb. Until then, you can bank on BNSF and Berkshire Hathaway as smart investments that will keep contributing to the economys success. They claim that railways owned by Buffett now stand to benefit from transporting the oil that the Keystone XL Pipeline would have carried. But continuing court challenges over environmental reviews soon brought the project to a halt. Bloomberg, for example, had published research showing that trains could expect to carry 125,000 more barrels of Canadian crude each day (an increase of more than 40 percent) if the Keystone XL was scrapped. Or perhaps its the nutty Qanon conspiracies you see in your Twitter feed. Scientists say this map represents the US in 30 years if we dont reverse climate change.. Unfortunately, from here Reuters fact check goes off the rails. Not all types of railroads earn profits, though. More stunning: The business is on pace to return all the cash Mr. Buffett spent taking it private by the end of this year., None of these facts made it into Reuters fact check.. See how politics works? 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. Although the U.S., North American, and global economies grow and shrink, railroads will play crucial roles in supply chains for decades. Burlington Northern Santa Fe, LLC is the parent company of the BNSF Railway (formerly the Burlington Northern and Santa Fe Railway). Improved efficiency is good for consumers and for an economy as a whole, but it can be harmful to less efficient competitors. Please do not edit the piece, ensure that you attribute the author and mention that this article was originally published on FEE.org. which supports Democratic House candidates. One theory posits that the cost to build a railway today and jump through the municipal and state hurdles would be too high to justify. Days after U.S. President Joe Biden cancelled construction plans for the Keystone XL Pipeline - meant to carry oil from Canadas Alberta province to Nebraska - posts on social media alleged this move was due to Warren Buffetts extensive political donations to Bidens campaign. Mr. 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.. But lets remember the reason given by President Barack Obamas administration and its friends for holding up the Keystone project: the environment. 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.. This brings me to natural gas. 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. The Keystone veto override vote failed in the Senate. It is not an environmental issue, it is a money issue the Facebook post reads. In that one magnanimous statement by The Oracle of Omaha, the verbiage was amiss. Warren Buffett, the billionaire owner of Berkshire Hathaway and one of the most successful investors alive, owns BNSF Railway Company. It is not an environmental issue, it is a money issue. Video shows President Joe Biden recalling an alien encounter. 1800 I Street NW Federal Election Commission records show that Buffett made no individual contributions in 2020. Railroads such as BNSF owned by Buffett ( here ), however, are not the principle way oil is transported from Canada to the United States. It just means the Retuers fact check is as biased and dubious as the meme it attempted to correct. Biden said he issued an executive order canceling the pipelines construction permit for economic and environmental reasons. And perhaps thats the answer. The theory is that Buffett is. By purchasing BNSF, Berkshire Hathaway got a longer railway at less than half the price of Union Pacific. His writing/reporting has been the subject of articles in TIME magazine, The Wall Street Journal, CNN, Forbes, Fox News, and the Star Tribune. Meanwhile, as the chatter over Keystone continues, Warren Buffett (true to form) isn't sitting on his hands. Plus, the price of anything made of plastic (a petroleum-based product) shot up -- a significant contributing factor to the inflationary problems of that decade. The news agency also admits trains on the BNSF carry lots of energy (especially oil and coal). 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 Buffett. It is the company's biggest acquisition ever. MOST U.S. OIL IMPORTS FROM CANADA USE PIPELINES, NOT RAILWAYS. The Canadian Prime Minister, Justin Trudeau, had a rocky relationship with President Trump. Buffett didnt make any contributions to Bidens 2020 presidential campaign. A map of the Keystone XLs route alongside the existing Keystone Pipeline System, operating since 2010, can be seen here . Sorry, there are no recent results for popular collections. Its been observed that in modern America there are two primary types of entrepreneurs: market entrepreneurs and political entrepreneurs. Its important to consider that buying BNSF does more than help Berkshire Hathaway earns returns from within the railway industry. Or perhaps anti-trust laws would restrict Berkshire from controlling so much of Americas railroads. The Keystone XL pipeline was first proposed more than a decade ago during a period of high oil prices. You have permission to edit this article. 33701 Buffett made a $34 billion dollar investment in the Burlington Northern Santa Fe railroad (BNSF) one year after Obama was elected. stated on February 4, 2023 in an Instagram post. 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. It would traverse about. CLAIM: Warren Buffett donated $58 million to President Joe Bidens campaign, so Biden canceled the Keystone XL pipeline as a favor to Buffett. 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. Heres more information on Facebooks fact-checking program: https://www.facebook.com/help/1952307158131536, he halted construction of the Keystone XL pipeline. When Warren Buffett was asked what he thought about the Keystone Pipeline he responded with: Canada's been a terrific partner for us over the decades and it is wrong for us to thumb our nose at them. Education is a BS in Applied Mathematics, another BS in History, MBA studies all at Ohio schools. Suncor is Canada's largest energy producer.. One would say their main rival, Enbridge Energy (NYSE: ENB) owns the Dakota Pipeline. Please. The oil is still flowing but now it's being brought to America on RAIL CARS.. along with dangerous chemicals Guess who owns the Rail Cars.. Ultra Left Extremist Warren Buffett . But one reason, perhaps, is that the pipeline was spiked because of its low cost and efficiency. In the past few years, Buffett expressed support for the pipeline. 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. 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. Not by much, though. 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. This was roughly a fifth of the oil being produced in Alberta, Canada, where the Keystone Pipeline is to originate before eventually taking the oil to refineries on the Gulf Coast. 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. Says he has been to Afghanistan, Iraq and those areas twice as president. There have been rumors for years that Warren Buffett would buy Union Pacific. Buffett gave no money to the Biden presidency campaign in 2020, Buffett assistant Debbie Bosanek told Reuters. Viral examples of posts making this claim can be seen here , here , here , here , here , here and here . Maybe that day will eventually come. Warren Buffet owns the railroad that is now transporting all that oil. Obama Crony Warren Buffet Biggest Winner From Keystone Pipeline Rejection Results 1 to 2 of 2 Thread: Obama Crony Warren Buffet Biggest Winner From Keystone Pipeline Rejection Published: Nov. 3, 2009 at 4:18 p.m. See how politics works? According to public records from OpenSecrets and a spokeswoman for Buffett, this claim is false. Taiwan Belongs To Taiwanese With Or Without US Support? The US State Department confirms that rail is a more dangerous way to transport oil compared to pipelines. But the posts main thesis, that the Berkshire Hathaway CEO was a major donor to Bidens campaign, is not true. Why the phrase thumbing our noses? 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. Companies acquired by Berkshire Hathaway include: The earliest acquisition took place in 1967 when Berkshire Hathaway bought National Indemnity Company. ", "New government-funded 'food pyramid' says Lucky Charms are healthier than steak. We will, at the gas pump. Warren Buffett did not donate to Bidens. Its not that big of a competitor, Buffett said at the time. Furthermore, a 2013 Pew survey report indicates that a large majority of Americans agree with these common sense ideas. Our only agenda is to publish the truth so you can be an informed participant in democracy. Essentially, market entrepreneurs create value for society by serving the wants and needs of consumers. No pipeline failure has ever come close to this level of human death and suffering, Westenhaus points out. 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. In 2014 it is estimated that North Dakota produced 1.1 million barrels a day, according to ND Energy Stats. District of Columbia 20006, Florida Having a train station in town helped locals access the goods they needed. Buffett doesnt believe in short-term investment strategies that can lead to quick profits. 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. If anyone believes the Keystone Pipeline isnt being blocked by Obama on Buffets behalf, Ive got a bridge to sell you. Shipping oil by train doesnt operate under the same price restraints as oil pipelines, which are regulated much like utilities by the federal government. Leaked tax return reveals secret to pocketing $460,164 Not all types of railroads earn profits, though. Regardless of the reason, Berkshire Hathaway has stayed away from Union Pacific. Railroads such as BNSF, Reuters says, are not the principle way oil is transported from Canada to the United States.. We are concentrating on the wrong pipeline. 1800 I Street NW Warren Buffet owns the railroad that is now transporting all that oil. Does Warren Buffett own the railroad? Correction Feb. 3, 2021: Removing reference to Energy Information Administration / Department of Energy in paragraph 15, the data is from BTS. The posts say Buffett's railroad "is now transporting all that oil" following the Keystone XL Pipeline's cancellation. Our Standards: The Thomson Reuters Trust Principles. 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. Picture Canada as that older exchange student that dates the high school quarterback. The Trump administration backed the project in the face of objections from environmental groups. Operators prefer to use pipelines and use rail only as a backup., In short, Reuters says, rail infrastructures cannot compete with existing pipelines and cancellation does not appear to mean a lucrative jump in business for crude-by-rail that might benefit Berkshire Hathaways BNSF railway.. He did not contribute to Joe Bidens 2020 campaign. 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. One reason this claim seems a bit out of place? All Rights Reserved. The author has no business relationship with any company whose stock is mentioned in this article. 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. District of Columbia While the nation has been arguing over the Keystone, Berkshire Hathaway has been cashing in. The Keystone XL may have simply become a symbol of dirty, nasty oil, which meant it had to goeven if theres little dispute that spiking the pipeline increases pollution and energy costs and puts more lives at risk. Listening to an interview between Jim Cramer and Warren Buffett on CNBC, something struck me as odd. It is true that Buffett's company, Berkshire Hathaway, owns BNSF Railway, a freight railroad network that transports crude oil. Buffett has expressed his support for the Keystone XL Pipeline, even though it would have competed against his Burlington Northern railroad, which transports crude. 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. Why not use neighbor or even friend? He files all filing requirements for political contributions and made no contribution to any PAC.. 33701 Railroads continue to help the country thrive. LNG exporters on the West Coast of North America. Some estimates put Union Pacifics overall value at more than $105 billion. 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. The Keystone pipeline. Warren Buffett donated 58 million to Biden campaign. 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.. 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. When attempting to solve a mystery, police often start with a simple question: Cui bono? Where are those proposals which certainly make sense in this changing energy climate that we live in? A Facebook post claims the Keystone Pipeline was blocked by Obama to benefit Buffett. Reuters assured us this is not the case with Buffett. Correcting Wood Mackenzie team name in paragraph 22. Warren Buffet donated 58 million to Biden campaign. 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). What if you could ship the LNG from the west coast of the US or Canada? (Near my grandparents hometown, incidentally.) Oh yeah. 'Buoyed by an onshore oil boom, Burlington Northern Sante Fe has become a cash machine for Mr. Buffett,' Investment News reported in 2015. If you have an ad-blocker enabled you may be blocked from proceeding. While Buffett donated to the Democratic Congressional Campaign Committee (DCCC, the committee working to elect Democrats to the House of Representatives) and to former astronaut and junior senator Mark Kelly (D-AZ), no other political recipients are listed for this election cycle of 2019-2020 (this was also reported by Yahoo! 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. Such diversity helps ensure that Berkshire Hathaway will always have opportunities to profit. Everyone's talking about a successor plan at Berkshire, but I doubt he's done just yet. 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. Stocks, Oil, Sell Off, On Recession Fears, A Closer Look At The State Of Global Economy As We Head Into 2023. This is false, as most of the oil that would have made use of the. 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. On Friday, The Associated Press reported on stories circulating online incorrectly asserting billionaire Warren Buffett donated $58 million to President Joe Biden's campaign, so Biden canceled the Keystone XL pipeline as a favor to him. Please, enable JavaScript and reload the page to enjoy our modern features. The meme contains information that is demonstrably false. In this Dec. 18, 2020 file photo, pipes to be used for the Keystone XL pipeline are stored in a field near Dorchester, Neb. 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. Our only agenda is to publish the truth so you can be an informed participant in democracy. 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