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. Its important to consider that buying BNSF does more than help Berkshire Hathaway earns returns from within the railway industry. None of this means Warren Buffett had anything to do with Bidens decision to spike the Keystone Pipeline. Did you think Buffett would buy those cars himself because he loves protecting little bunny rabbits? See how politics works? 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.. The same theory circulated during the Obama administration. Read more about our work to fact-check social media posts here . The US State Department confirms that rail is a more dangerous way to transport oil compared to pipelines. 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. 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 It is true that Buffetts company, Berkshire Hathaway, owns BNSF Railway, a freight railroad network that transports crude oil. It is not an environmental issue, it is a money issue the Facebook post reads. Oil transport had a lot to do with, Investment News reported in 2015. In just a few short years BNSF had become Berkshire Hathaways single biggest profit driver, Business Insider reported. MOST U.S. OIL IMPORTS FROM CANADA USE PIPELINES, NOT RAILWAYS. And who will pay for those improved tankers? This caused me to think about what a mistake this whole argument has been. 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 owns the railroad that is now transporting all that oil. 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. Or perhaps its the nutty Qanon conspiracies you see in your Twitter feed. 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. On Friday, The Associated Press reported on stories circulating online incorrectly assertingbillionaireWarren Buffett donated $58 million to President Joe Bidens campaign, so Biden canceled the Keystone XL pipeline as a favor to him. Scholars at Carnegie Mellon University and the University of Pittsburgh also found that locomotive transport causes twice as much pollution as pipelines. Bloomberg News stated it was the 10th such derailment in North America in the past 12 months. Warren Buffet donated 58 million to Biden campaign. See how politics works? Its not clear where the $58 million figure in the claim originated. BNSFs value is about half that. Buffett made a $34 billion dollar investment in the Burlington Northern Santa Fe railroad (BNSF) one year after Obama was elected. A hefty sum, to be surethough one Buffett would hardly feel.). Photo of electric charging station powered by diesel generator is emblematic of the electric vehicle movement. Mr. 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. Joanne Butler is a graduate of the Kennedy School of Government at Harvard University and a former professional Republican staff member at the U.S. House of Representatives Ways and Means Committee. Sorry, there are no recent results for popular collections. It is true that Buffett's company, Berkshire Hathaway, owns BNSF Railway, a freight railroad network that transports crude oil. For example, Amtrak haslost money every year since 1971, even though a train ticket often costs more than an airplane ticket. 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. Sorry, there are no recent results for popular articles. The Keystone veto override vote failed in the Senate. Buffett doesnt believe in short-term investment strategies that can lead to quick profits. Buffett gave no money to the Biden presidency campaign in 2020, Buffett assistant Debbie Bosanek told Reuters. Union Pacific has a greater value than BNSF. As a bit of history, Buffett purchased BNSF in a $44 billion deal in 2009. COVID-19 contributed to a steep decline that forced the stocks value to $117.84 on March 20, 2020. Oh yeah. 727-821-9494. stated on October 27, 2021 in post on Facebook: Keystone Pipeline was blocked by Obama on Warren Buffetts behalf. Biden said he issued an executive order canceling the pipelines construction permit for economic and environmental reasons. Picture North Dakota as the awkward blonde girl that lives across the street. The news agency also correctly pointed out that Buffett donated to congressional Democrats in 2019, though they declined to say how much. Get up-to-the-minute news sent straight to your device. 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.. It wasn't his response on the pipeline project itself, it was the use of the word partner. St. Petersburg, FL See how politics works? Our Standards: The Thomson Reuters Trust Principles. Thats incorrect. Furthermore, a 2013 Pew survey report indicates that a large majority of Americans agree with these common sense ideas. 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. 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. stated on February 20, 2023 in an Instagram post. 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. Mr. The internet is not known as a purveyor of truth. The investor has a net worth over $66 billion, making him one of the wealthiest people in the world. stated on February 4, 2023 in an Instagram post. Railroads such as BNSF, Reuters says, are not the principle way oil is transported from Canada to the United States.. So far, Warren Buffett and Berkshire Hathaway have not chosen to purchase Union Pacific. Not all types of railroads earn profits, though. The 1,700-mile pipeline was planned to carry roughly 800,000 barrels of oil a day from Alberta to the Texas Gulf Coast. Why the phrase thumbing our noses? Copyright IBTimes 2023. Warren Buffet [t] donated 58 million to Biden campaign. 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.. What if you could ship the LNG from the west coast of the US or Canada? The larger size may help explain why Warren Buffett chose to purchase BNSF over Union Pacific. One reason this claim seems a bit out of place? A Facebook post claims the Keystone Pipeline was blocked by Obama to benefit Buffett. 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. Our only agenda is to publish the truth so you can be an informed participant in democracy. 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. Where are those proposals which certainly make sense in this changing energy climate that we live in? Analysts have several theories about why Warren Buffett bought BNSF. The 1,700-mile pipeline was planned to carry roughly 800,000 barrels of oil a day from Alberta to the Texas Gulf Coast. The image includes a photo of a pipeline. 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.). Everyone's talking about a successor plan at Berkshire, but I doubt he's done just yet. The survey found that 65 percent of Americans support building the Keystone pipeline. It seemed he was up to something. For starters, it doesnt even spell Buffetts name correctly. Ugur Sahin, CEO of BioNTech and inventor of the BIO N TECH Pfizer jab, refuses to take the jab for safety reasons.. Warren Buffet would lose billions in transport fees if the pipeline is completed. While the nation has been arguing over the Keystone, Berkshire Hathaway has been cashing in. Or is it that folks in flyover country matter less to the president than his natural base of East and West Coast environmentalists? So while his competitors are building the LNG pipelines and storage facilities to stop the flaring of natural gas, Buffett may make another move. Veritone vs C3.AI: Which Is Better AI Stock. But the posts main thesis, that the Berkshire Hathaway CEO was a major donor to Bidens campaign, is not true. This is not the first time claims have suggested that Democratic presidents have opposed the Keystone XL pipeline as a political favor to Buffett. Cancelled by Biden on first day. 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. 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. 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. Is this happening to you frequently? for natural gas have exacerbated this problem. Anticipating the wrath of Capitol Hill and the White House, he announced on Feb. 20 that BNSF will purchase 5,000 upgraded, safer (and more expensive) tanker cars. They claim that railways owned by Buffett now stand to benefit from transporting the oil that the Keystone XL Pipeline would have carried. Buffett does stand to profit from the cancelation of the Keystone pipeline and perhaps a great deal. Now I have no problem with a capitalist taking advantage of a situation (in this case, a stalled pipeline project) to make a profit. 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. But this years letter is a bit different -- still breezy and cheeky -- but omits a crucial fact, one thats related to the Keystone Pipeline controversy. Pfizer made $37 billion in profit in its last quarter. 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. For example, Amtrak has. Buffett has never seen any report by BNSF projecting whether the Keystone Pipeline would increase or decrease the revenue of the railroad, Bosanek wrote. Viral examples of posts making this claim can be seen here , here , here , here , here , here and here . Rail executives themselves have said they expect to see crude-by-rail shipments increase because of Bidens executive order. Research shows the spill rate for hazardous material transported by rail is 33 times higher than pipelines. Its not that big of a competitor, Buffett said at the time. Warren Buffett bought BNSF because he believes that railways play a crucial role in the success of Americas economy. Published: Nov. 3, 2009 at 4:18 p.m. Mr. It is not an environmental issue, it is a money issue the Facebook post reads. After all, the #1 stock is the cream of the crop, even when markets crash. campaign, nor did he endorse him. I think probably the Keystone pipeline is a good idea for the country. Bosanek told the AP that Buffett had not offered any opinions about the project more recently that he can remember, nor did he have a stance on how it would impact his business. Debbie Bosanek, assistant to Warren Buffett, told Reuters via email that Mr. here ). Why are we importing the oil from Canada to be refined here? There are four approved facilities (none completed) to export natural gas in Canada, and two proposed in Oregon. Reuters never asks this question, though it concedes moving oil by rail is less efficient. In this Dec. 18, 2020 file photo, pipes to be used for the Keystone XL pipeline are stored in a field near Dorchester, Neb. 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. The transaction also meant that Berkshire Hathaway purchased $10 billion of BNSFs outstanding debt. In 2011 North Dakota was producing 417,400 barrels of oil per day. 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. 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. That said, Reuters claims dont add up, and the news agency omits relevant facts about Buffetts rail operation. 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. Bidens executive order revoking the permit for the project read, Leaving the Keystone XL pipeline permit in place would not be consistent with my Administrations economic and climate imperatives.. Warren Buffett, the billionaire owner of Berkshire Hathaway and one of the most successful investors alive, owns BNSF Railway Company. This article was produced by the Reuters Fact Check team. District of Columbia Unfortunately, from here Reuters fact check goes off the rails. The long . 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 . More recently, rail executives themselves have said they expect to see crude-by-rail shipments increase because of Bidens executive order. I cannot speculate as to what company may be next for a takeover from Berkshire Hathaway, but I would not be surprised if it owns a license to export LNG from the west coast. Please disable your ad-blocker and refresh. Warren Buffett's company Berkshire Hathaway purchased 77.4% of BNSF shares for $100 each on November 2, 2009. Buffett has been reaping the benefits of the Keystone pipeline not being built because of his railroad shipping oil from the Bakken oil fields. Buffett, in fact, supported its construction. The Keystone XL Pipeline has been blocked multiple times for climate, economic, and perceived national-interest reasons. Cancelled by Biden on first day. Warren Buffet owns the railroad that is now transporting all that oil. 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. Was there an ulterior motive sticking up for the country that the United States has the longest border in the world with? Its important to consider that buying BNSF does more than help Berkshire Hathaway earns returns from within the railway industry. The posts say Buffetts railroad is now transporting all that oil following the Keystone XL Pipelines cancellation. Biden cited economic and environmental reasons for signing an executive order that effectively halts construction of the pipeline. The author wrote this article themselves, and it expresses their own opinions. He will then move on to LNG, and find a way to move the LNG to the west coast to export to Asia either by his railroad or pipelines (some of which already exist and are owned through Berkshire Energy). Canada is the primary supplier of foreign oil to the United States. ", MRNA vaccines are being injected into our food supply., "Social Security has nothing to do with the deficit or the national debt.". Says he has been to Afghanistan, Iraq and those areas twice as president. Warren Buffet would lose billions in transport fees if the pipeline is completed. 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. The company is an indirect, wholly owned subsidiary of Berkshire Hathaway, which is controlled by investor Warren Buffett. Bylines: Newsweek, The Washington Times, MSN.com, The Washington Examiner, The Daily Caller, The Federalist, the Epoch Times. In 2018, he gave $33,900 to the Democratic Congressional Campaign Committee, $33,900 to the Democratic Senate Campaign Committee, and $2,700 each to the campaigns of Democrats Donna Shalala and Rufus Gifford. In this Dec. 18, 2020 file photo, pipes to be used for the Keystone XL pipeline are stored in a field near Dorchester, Neb. Warren Buffet would lose billions in transport fees if the pipeline is completed. stated on February 26, 2023 an Instagram post: stated on February 8, 2023 a Facebook post: stated on February 7, 2023 a post on Facebook: stated on February 6, 2023 an Instagram post: stated on January 25, 2023 an Instagram post: stated on February 4, 2023 a Facebook post: stated on January 27, 2023 a Facebook post: stated on January 23, 2023 an Instagram post: stated on January 15, 2023 an Instagram post: stated on January 12, 2023 a Facebook post: stated on January 5, 2023 a Facebook post: stated on January 3, 2023 a video shared on Instagram: 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, A vigilante shot down the Chinese spy balloon in an extraordinary act., "Warren Buffett did not donate to Biden presidential campaign,", "How Bidens Keystone XL pipeline executive order affects American jobs,", "Warren Watch: Behind Buffetts support of Keystone XL pipeline project,", Rifles were involved in 297 deaths in the U.S. in 2022 and constipation killed 2,167.. It is the company's biggest acquisition ever. 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. Federal Election Commission records show that Buffett made no individual contributions in 2020. It would have carried up to 830,000 barrels per day of crude oil from Alberta, Canada, to. Its trains carry energy (such as oil and coal), agricultural and consumer products. With a nearby railway, every company from a family-run farm to a massive manufacturer had an easier way to ship its products. 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. Bidens executive order offers little explanation beyond platitudes, such as claims that the pipeline would undermine US climate leadership.. When Financhill publishes its #1 stock, listen up. President Barack Obama's decision to withhold approval of the Keystone XL pipeline will hugely benefit one of his largest supporters - Warren Buffett. Warren Buffett, chairman of conglomerate Berkshire Hathaway (NYS:BRK.A), said on Wednesday that safety is a major priority for the rail industry, after a recent spate of accidents raised concerns about how to transport oil safely. 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? Warren Buffett did not donate to Bidens. As weve seen, rail shipments involve possible derailments, accidents and opportunities for ignition-causing friction. ), The false information can take many forms. 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 . Warren Buffett, the billionaire owner of. In the past few years, Buffett expressed support for the pipeline. Dyson is canceling their contract with Walmart and selling off Dyson Supersonic hair dryers only for $1!. Buffett previously has voiced public support for the Keystone XL pipeline. Please. Video shows President Joe Biden recalling an alien encounter. 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. Some have gone through the Mediterranean and the Suez Canal. In a world of wild talk and fake news, help us stand up for the facts. Berkshire Hathaway has an impressively diverse investment portfolio that includes companies in: The company is also a majority and minority shareholder in hundreds of companies. Moving crude by rail is costly, inefficient, and dangerous compared to oil pipelines. Maps of the Keystone Pipeline System and Keystone XL Pipeline show its route: they Keystone XL would have created a shortcut in transporting oil from Alberta to Nebraska, while the existing Keystone Pipeline System connects the Canadian source to multiple U.S. states ( here ). Industry experts are quoted, and they note the inefficiencies of transporting oil via rail. 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. The post from Oct. 27 misspells Buffetts last name and shows an image of a train with the text underneath referencing Burlington Northern Santa Fe Railroad, which is owned by Berkshire Hathaway, the conglomerate headed by Buffett. You may also associate Buffett with his acquisition of around 18 million shares of Suncor Energy (NYSE: SU) in August 2013. Buffett didnt make any contributions to Bidens 2020 presidential campaign. 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. He has done this while costing his competitors while quietly acquiring shares in a Canadian company that has much to gain from the Keystone being built, Suncor. Not by much, though. It is not an environmental issue, it is a money issue the Facebook post reads. ", U.S. Rep. Ilhan Omar is "facing 40 years in prison and deportation after seven new crimes uncovered. 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. Why not use neighbor or even friend? Because of this, operators prefer to use pipelines and use rail only as a backup.. 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