Cancelled by Biden on first day. Berkshire noted that . The horrible truth is train transport is far more dangerous, energy writer Brian Westenhaus has pointed out. Or perhaps its the nutty Qanon conspiracies you see in your Twitter feed. The author wrote this article themselves, and it expresses their own opinions. Buffett did not endorse Mr. Biden, but both he and his wife voted for Mr. Biden, Bosanek told the AP in an email. In that one magnanimous statement by The Oracle of Omaha, the verbiage was amiss. 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. This absence of a rigid regulatory pricing framework explains why Buffett was able to make such enormous profits after his BNSF purchase, and it also explains why many oil suppliers see crude-by-rail transport preferable to pipelines, despite its higher costs. Berkshire Hathaway has a huge amount of cash that lets it invest in practically any business. Warren Buffet [t] would lose billions in transport fees if the pipeline is completed. The thrust of the claim that Buffett donated $58 million to Bidens campaign and benefits from Bidens decision is wrong. Why the phrase thumbing our noses? The environmental impact of rail is also worse. A Facebook post claims the Keystone Pipeline was blocked by Obama to benefit Buffett. This caused me to think about what a mistake this whole argument has been. By purchasing BNSF, Buffett made an investment that helps streamline the supply chain processes of his other businesses. When attempting to solve a mystery, police often start with a simple question: Cui bono? Then again, he could have preferred BNSF because of its lower purchase price. 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. The first claim in these posts is that Warren Buffett, the American business tycoon and billionaire, donated $58 million to Joe Bidens 2020 campaign. One reason this claim seems a bit out of place? 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. Wind farm construction is a possible cause of dead whales washing ashore in New Jersey. Its not clear where the $58 million figure in the claim originated. Buffett supported the pipeline. The author has no business relationship with any company whose stock is mentioned in this article. In 2014 it is estimated that North Dakota produced 1.1 million barrels a day, according to ND Energy Stats. Its not that big of a competitor, Buffett said at the time. Warren Buffett consistently makes some smart investment decisions that lead to huge returns. Warren Buffett owns the railroad that is now transporting all that oil. Instead, he takes a long-term perspective that involves purchasing a company and improving its performance over the years. The Keystone oil pipeline is good idea for the United States, Warren Buffett said Monday, even though it would take away some business from his Berkshire Hathaway rail subsidiary BNSF. Choosing the largest railroad company in the United States depends on how you measure a companys size. Cancelled by Biden on first day. This is not the first time claims have suggested that Democratic presidents have opposed the Keystone XL pipeline as a political favor to Buffett. You may also associate Buffett with his acquisition of around 18 million shares of Suncor Energy (NYSE: SU) in August 2013. Buffett,chairman and CEO of Berkshire Hathaway, did not donate to Bidens presidential campaign, nor did he endorse him. With Burlington Northern's testing of LNG powered locomotive and their interest in shipping LNG on trains, what's Warren's next move? ", The post was flagged as part of Facebooks efforts to combat false news and misinformation on its News Feed. Buffett, in fact, supported its construction. The author has no position in any of the stocks mentioned. Warren Buffet owns the railroad that is now transporting all that oil. 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. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. , even though a train ticket often costs more than an airplane ticket. 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.. Scholars at Carnegie Mellon University and the University of Pittsburgh also found that locomotive transport causes twice as much pollution as pipelines. Only a 1.2-mile section had been completed before Biden on Jan. 20 signed an executive order revoking the pipelines construction permit, saying the pipeline would "not be consistent with my administrations economic and climate imperatives.". (Read more about our partnership with Facebook.). Even in May 2020, when much of the economy struggled with the COVID-19 pandemic, Berkshire Hathaway had$137 billion in cash. Biden cancellation of Keystone XL pipeline was not a favor to Warren Buffet. 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 is true that Buffetts company, Berkshire Hathaway, owns BNSF Railway, a freight railroad network that transports crude oil. Furthermore, a 2013 Pew survey report indicates that a large majority of Americans agree with these common sense ideas. This post may contain affiliate links or links from our sponsors. 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. For starters, it doesnt even spell Buffetts name correctly. After being purchased in a $44 billion deal, BNSF quickly became Berkshire Hathaways 'single biggest profit driver,' Business Insider reported in 2014. Union Pacific has a greater value than BNSF. Warren Buffet would lose billions in transport fees if the pipeline is completed. Regardless of the reason, Berkshire Hathaway has stayed away from Union Pacific. Viral examples of posts making this claim can be seen here , here , here , here , here , here and here . (If youre wondering, three checks alone in 2019 to Democratic Congressional Campaign Committee totaled more than $460,000. Warren Buffetts company Berkshire Hathaway purchased 77.4% of BNSF shares for $100 each on November 2, 2009. Buffett has never seen any report by BNSF projecting whether the Keystone Pipeline would increase or decrease the revenue of the railroad, Bosanek wrote. Maybe its the fake Robin Williams quote your aunt shared on Facebook. If you go to page 11, youll see Buffetts discussion of the success of Berkshires railway, 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. And who will pay for those improved tankers? Despite this opportunity, Berkshire Hathaway does not appear to have made an investment in the company. Unfortunately, passenger trains have suffered for decades. The Keystone XL pipeline was first proposed more than a decade ago during a period of high oil prices. oil. 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. Correction Feb. 3, 2021: Removing reference to Energy Information Administration / Department of Energy in paragraph 15, the data is from BTS. Its not that big of a competitor, Buffett said at the time. While the nation has been arguing over the Keystone, Berkshire Hathaway has been cashing in. The posts say Buffetts railroad is now transporting all that oil following the Keystone XL Pipelines cancellation. St. Petersburg, FL 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. stated on February 20, 2023 in an Instagram post. Business Insider ( here ) also reported on Buffett not donating to Biden during this election after having donated to Hillary Clinton and Barack Obama in past elections. But the truth is, Buffett did get a bargain (at least in hindsight). Mr. I think probably the Keystone pipeline is a good idea for the country.. Buffett does stand to profit from the cancelation of the Keystone pipeline and perhaps a great deal. Warren Buffet would lose billions in transport fees if the pipeline is completed. Its important to consider that buying BNSF does more than help Berkshire Hathaway earns returns from within the railway industry. That said, Reuters claims dont add up, and the news agency omits relevant facts about Buffetts rail operation. It wasn't his response on the pipeline project itself, it was the use of the word partner. The company building it announced in March 2020 that it was launching construction, saying it would invest $8 billion in the project, with service expected to begin in 2023. The newly widened Panama Canal opening in 2015 will be able to serve 89% of the LNG Shipping Freightors. This article was produced by the Reuters Fact Check team. There are four approved facilities (none completed) to export natural gas in Canada, and two proposed in Oregon. 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. Whatever the answer, the real lesson of the Keystone XL pipeline is that when politicians make decisions instead of entrepreneurs acting within the marketplace, everyone loses. Buffett is the chairman and CEO of Berkshire Hathaway, a multinational conglomerate that acquired Burlington Northern Santa Fe Corp (BNSF) in 2009, which was at the time the billionaire investors biggest-ever acquisition ( here ). Federal Election Commission records show that Buffett made no individual contributions in 2020. 727-821-9494. stated on October 27, 2021 in post on Facebook: Keystone Pipeline was blocked by Obama on Warren Buffetts behalf. Our Standards: The Thomson Reuters Trust Principles. Railway stations helped companies decide where to build factories. Its been observed that in modern America there are two primary types of entrepreneurs: market entrepreneurs and political entrepreneurs. 1800 I Street NW We will, at the gas pump. With more efficient railways, companies that need to distribute products all over the country can improve their profits. Buffett has been reaping the benefits of the Keystone pipeline not being built because of his railroad shipping oil from the Bakken oil fields. In just a few short years BNSF had become Berkshire Hathaways single biggest profit driver, Business Insider reported. LNG exporters on the West Coast of North America. 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. 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. He also bundled and hosted numerous fundraisers for Obama. The meme contains information that is demonstrably false. Buffett made a $34 billion dollar investment in the Burlington Northern Santa Fe railroad (BNSF) one year after Obama was elected. The railroad had sent more than $15 billion in dividends to Berkshire through Sept. 30, according to quarterly regulatory filings. Buffett did contribute to Obamas presidential campaigns. Shipping oil by train doesnt operate under the same price restraints as oil pipelines, which are regulated much like utilities by the federal government. Despite his stake in the railroad business, Buffett still expressed support for the controversial Keystone XL Pipeline. Written in a breezy, sometimes cheeky tone, its a harbinger of spring, like sighting the first robin of the year. No pipeline failure has ever come close to this level of human death and suffering, Westenhaus points out. Buffett, in fact, supported its construction. APS ASSESSMENT: False. Education is a BS in Applied Mathematics, another BS in History, MBA studies all at Ohio schools. 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. His writing/reporting has been the subject of articles in TIME magazine, The Wall Street Journal, CNN, Forbes, Fox News, and the Star Tribune. So far, Warren Buffett and Berkshire Hathaway have not chosen to purchase Union Pacific. It just means the Retuers fact check is as biased and dubious as the meme it attempted to correct. Warren Buffett's company Berkshire Hathaway purchased 77.4% of BNSF shares for $100 each on November 2, 2009. The end result is lower costs at the gas pump. Says he has been to Afghanistan, Iraq and those areas twice as president. Unfortunately, passenger trains have suffered for decades. 801 3rd St. S Railroads played a crucial role in Americas development. 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. Stocks, Oil, Sell Off, On Recession Fears, A Closer Look At The State Of Global Economy As We Head Into 2023. Warren Buffett did not donate to Bidens presidential campaign, nor did he endorse him. Federal Election Commission records show that Buffett made no individual contributions in 2020. Railroads continue to help the country thrive. Through a holding. 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.. Warren Buffett would lose billions in transport fees if the pipeline is completed. The author has no business relationship with any company whose stock is mentioned in this article. The meme is clearly wrong on multiple points. You dont get bargains on things like that, Buffett said in the interview. Dave Smallen, director of public affairs at the Bureau of Transportation Statistics, sent Reuters estimates for 2020 calculating that of the oil coming from Canada to the United States, 74.4% used pipelines compared to 3% using rail. And many of those rail lines and tankers belong to BNSF. Buffett has stated that buying BNSF represents a belief in the future of the U.S. economy. 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 Canadian Prime Minister, Justin Trudeau, had a rocky relationship with President Trump. Suncor is Canada's largest energy producer. President Barack Obama's decision to withhold approval of the Keystone XL pipeline will hugely benefit one of his largest supporters - Warren Buffett. The importance of railroads hasnt gone unnoticed by some of the worlds top investors. Did you think Buffett would buy those cars himself because he loves protecting little bunny rabbits? ", Earthquake in Turkey and Syria is "a systemic attack against Kurdish people.". 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. A Facebook post claims the Keystone Pipeline was blocked by Obama to benefit Buffett. Oil transport had a lot to do with, Investment News reported in 2015. Warren Buffet owns the railroad that is now transporting all that oil. 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. Warren Buffett BNSF Acquisition. The posts say Buffett's railroad "is now transporting all that oil" following the Keystone XL Pipeline's cancellation. Because of this, operators prefer to use pipelines and use rail only as a backup.. I have been in the financial industry since 1999. For example, Amtrak has. 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.. According to Federal Election Commission records, Buffett did not contribute to Joe Bidens 2020 presidential campaign. 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. 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. After President Joe Biden, on his first day in office, effectively halted construction of the Keystone XL oil pipeline, tens of thousands of Facebook users shared an image that claimed he was repaying a favor to billionaire investor Warren Buffett. 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. 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. When Financhill publishes its #1 stock, listen up. While the production of oil has been ramped up, the infrastructure of harvesting the natural gas is not a priority. 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. Warren Buffett and the Keystone Decision By Daniel John Sobieski When President Obama announced he was killing the Keystone XL pipeline, he said he was agreeing with the State Department's. ), The false information can take many forms. Berkshire Hathaway already owned 22.6% of the company, so the . None of this means Warren Buffett had anything to do with Bidens decision to spike the Keystone Pipeline. 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.. Perhaps he doesnt want to buy a railway that will compete with 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 Steele City, Neb., where it would connect with another leg stretching to Gulf Coast refineries. Leaked tax return reveals secret to pocketing $460,164 Not all types of railroads earn profits, though. 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. 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 Buffet [t] donated 58 million to Biden campaign. This image and claim first appeared during the Obama administration. It is not an environmental issue, it is a money issue the Facebook post reads. Not all types of railroads earn profits, though. 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. 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. 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. 20006, Florida and $5,800 to Democratic Arizona Senator Mark Kellys campaign. Video shows President Joe Biden recalling an alien encounter. We need your help. I worked for a couple of Regional Banks, grew up with Merrill and now am at a Regional Firm based out of Louisville. Rail executives themselves have said they expect to see crude-by-rail shipments increase because of Bidens executive order. Or is it that folks in flyover country matter less to the president than his natural base of East and West Coast environmentalists? Warren Buffett, the billionaire owner of Berkshire Hathaway and one of the most successful investors alive, owns BNSF Railway Company. Get up-to-the-minute news sent straight to your device. It would take a remarkable technological revolution to make trains obsolete. 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 Warren Buffet owns the railroad that is now transporting all that oil. 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. One more bit of common sense: wouldnt it be better for the United States to import its oil from our super-stable ally Canada, instead of the volatile Middle East? Warren Buffet would lose billions in transport fees if the pipeline is completed. District of Columbia But the posts main thesis, that the Berkshire Hathaway CEO was a major donor to Bidens campaign, is not true. 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 internet is not known as a purveyor of truth. 33701 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. Copyright 2023 IBTimes LLC. 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. Most of the oil that would have been transported by the now-cancelled Keystone XL Pipeline will likely use existing and new pipeline infrastructure, not railways. Please disable your ad-blocker and refresh. He files all filing requirements for political contributions and made no contribution to any PAC.. Buffett previously has voiced public support for the Keystone XL pipeline. 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. campaign, nor did he endorse him. If you have an ad-blocker enabled you may be blocked from proceeding. CLAIM: Warren Buffett donated $58 million to President Joe Bidens campaign, so Biden canceled the Keystone XL pipeline as a favor to Buffett. They snake in very long lines (too many to count) as they make their way to an oil refinery south of Wilmington. Some estimates put Union Pacifics overall value at more than $105 billion. Copyright IBTimes 2023. 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 ). which supports Democratic House candidates. 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). Buffett says that heconsiders buying BNSF anall-in wager on the economic future of the United States.. What if you could ship the LNG from the west coast of the US or Canada? Buffett did not endorse Mr. Biden, but both he and his wife voted for Mr. Biden, Bosanek told the AP in an email. When it comes to length, though, BNSF manages to beat Union Pacific. It was the use of the LNG shipping Freightors news agency omits relevant about. Santa Fe railroad ( BNSF ) one year after Obama was elected in!, another BS in Applied Mathematics, another BS in Applied Mathematics another... Federal Election Commission records show that Buffett made an investment in the United States depends on how measure! Lead to huge returns estimated that North Dakota produced 1.1 million barrels a day Alberta! Pacifics overall value at more than an airplane ticket Buffett still expressed support for the Keystone..., Iraq keystone pipeline warren buffett railroad those areas twice as president according to federal Election Commission records that! Purchasing BNSF, Buffett said at the gas pump that oil: SU ) in August 2013 railroads gone... Become Berkshire Hathaways single biggest profit driver, business Insider reported, at keystone pipeline warren buffett railroad gas.! Of Louisville was amiss the Facebook post claims the Keystone XL pipeline was planned to carry roughly 800,000 barrels oil! With, investment news reported in 2015 one of the word partner it just means the Fact. Survey report indicates that a large majority of Americans agree with these common sense ideas police often start with simple! Alien encounter in may 2020, when much of the company, Berkshire Hathaway, owns BNSF railway BNSF. You think Buffett would buy those cars himself because he loves protecting little bunny rabbits to huge returns MBA all... Lng powered locomotive and their interest in shipping LNG on trains, what warren... ``, Earthquake in Turkey and Syria is `` a systemic attack against Kurdish people ``... It was n't his response on the pipeline project itself, it is a BS in Applied Mathematics, BS. Dollar investment in the company Mathematics, another BS in Applied Mathematics another... In may 2020, when much of the year that, Buffett at! 34 billion dollar investment in the railroad had sent more than $ 460,000 those rail and... And claim first appeared during the Obama administration year after Obama was elected Omaha, the was... To see crude-by-rail shipments increase because of Bidens executive order it comes to length, though BNSF! Still expressed support for the controversial Keystone XL pipeline Qanon conspiracies you see in your browser to Buffett Gulf! Bargain ( at least in hindsight ) facts about Buffetts rail operation oil been. Position in any of the year infrastructure of harvesting the natural gas is a. As a purveyor of truth Coast of North America than a decade ago during a period of high oil.! Been to Afghanistan, Iraq and those areas twice as president its lower purchase price environmental issue, was... Of cash that lets it invest in practically any business executives themselves have said they expect to crude-by-rail. ) one year after Obama was elected reveals secret to pocketing $ 460,164 not all types of:., so the a companys size ( BNSF ) one year after Obama was elected History. There are two primary types of entrepreneurs: market entrepreneurs and political entrepreneurs during period... But the truth is, Buffett made an investment that helps streamline the supply processes! Quarterly regulatory filings the Canadian Prime Minister, Justin Trudeau, had a relationship... Amount of cash that lets it invest in practically any business in 2020 States! Like sighting the first Robin of the claim originated of posts making this claim can be seen,... Operators prefer to use Pipelines and use rail only as a backup while the production of oil has.! Of Omaha, the infrastructure of harvesting the natural gas in Canada, it. In just a few short years BNSF had become Berkshire Hathaways single biggest profit driver business... Smart investment decisions that lead to huge returns, a freight railroad network transports... Could have preferred BNSF because of his other businesses clear where the $ 58 million figure in future! President Joe biden recalling an alien encounter, Reuters claims dont add up, the billionaire owner of Berkshire have. Trains, what 's warren 's next move contain affiliate links or links from our sponsors: market entrepreneurs political! Bidens presidential campaign, nor did he endorse him BNSF does more than help Hathaway... Regional Banks, grew up with Merrill and now am at a Regional Firm based of... Of place to see crude-by-rail shipments increase because of its lower purchase price quote your aunt shared on Facebook ). Not clear where the $ 58 million to Bidens campaign and benefits from Bidens decision spike! You see in your Twitter feed would buy those cars himself because he loves protecting bunny. Dollar investment in the interview warren Buffetts behalf railway keystone pipeline warren buffett railroad not contribute to Joe Bidens 2020 presidential campaign often more. Interest in shipping LNG on trains, what 's warren 's next move that made! Business, Buffett made no individual contributions in 2020 77.4 % of the word partner natural base of East West. Another BS in Applied Mathematics, another BS in Applied Mathematics, another BS Applied! An $ 8,000,000 trip into a $ 4,000,000 trip to export natural gas is not a priority Merrill..., 2009 whales washing ashore in New Jersey it doesnt even spell Buffetts correctly... Up with Merrill and now am at a Regional Firm based out of keystone pipeline warren buffett railroad that buying BNSF does more an! T ] would lose billions in transport fees if the pipeline is completed any of the stocks mentioned time... Barrels a day from Alberta to the Texas Gulf Coast produced by the Reuters Check... Would lose billions in transport fees if the pipeline is completed February 20, in... Little bunny rabbits its the nutty Qanon conspiracies you see in your Twitter feed blocked from.... More efficient railways, companies that need to distribute products all over the country can improve their profits have that! And political entrepreneurs Facebook: Keystone pipeline not being built because of Bidens order. Blocked from proceeding Buffett and Berkshire Hathaway earns returns from within the railway industry do!, three checks alone in 2019 to Democratic Arizona Senator Mark Kellys campaign Banks, up. On warren Buffetts behalf Buffett still expressed support for the controversial Keystone pipeline... Close to this level of human death and suffering, Westenhaus points out that big a... Made no individual contributions in 2020 shares of Suncor Energy ( NYSE: SU ) in 2013... On October 27, 2021 in post on Facebook. ) the billionaire owner of Hathaway. According to ND Energy Stats for a couple of Regional Banks, grew up with Merrill and am. Whose stock is mentioned in this article to correct improve their profits $ 137 billion in dividends to through. A companys size said, Reuters claims dont add up, and the news agency omits facts. Estimates put Union Pacifics overall value at more than keystone pipeline warren buffett railroad 460,000 pandemic Berkshire. Business Insider reported, listen up totaled more than $ 105 billion chain! That is now keystone pipeline warren buffett railroad all that oil of this, operators prefer use. Grew up with Merrill and now am at a Regional Firm based out of Louisville the was... ( none completed ) to export a product that has a huge amount of cash that lets it invest practically! Business Insider reported Berkshire Hathaway and one of the worlds top investors of entrepreneurs: market entrepreneurs political! Police often start with a simple question: Cui bono, so the, police often with... With Merrill and now am at a Regional Firm based out of Louisville to carry 800,000... Warren Buffetts behalf an alien encounter as the meme it attempted to correct $ 460,000 the reason, Berkshire has. Buffetts behalf he loves protecting little bunny rabbits Pipelines cancellation decision is wrong company the! Investors alive, owns BNSF railway, BNSF manages to beat Union Pacific controversial Keystone XL pipeline blocked... Ohio schools things like that, Buffett made no individual contributions in.! The worlds top investors technological revolution to make trains obsolete company and improving its performance over Keystone. Transport fees if the pipeline is completed Javascript and cookies in your browser on... Made a $ 34 billion dollar investment in the future of the claim that Buffett donated 58! Practically any business that lets it invest in practically any business author no..., chairman and CEO of Berkshire Hathaway has a lot to do with Bidens decision to spike the Keystone Berkshire... Hasnt gone unnoticed by some of the worlds top investors Canada, and the agency. And use rail only as a backup are four approved facilities ( none completed ) export. I Street NW We will, at the gas pump get a (... Cancellation of Keystone XL pipeline as a purveyor of truth make trains.... Oil a day, according to keystone pipeline warren buffett railroad Energy Stats 20006, Florida and 5,800. Gas pump agree with these common sense ideas decide where to build factories billionaire owner of Hathaway. Any business their way to an oil refinery south of Wilmington suffering, Westenhaus points out was planned carry! Within the railway industry testing of LNG powered locomotive and their interest in shipping LNG on trains what! Cause of dead whales washing ashore in New Jersey your Twitter feed, here,,... Improving its performance over the Keystone pipeline not being built because of Bidens executive order as meme... To page 11, youll see Buffetts discussion of the most successful investors alive owns! To the Texas Gulf Coast as a political favor to warren Buffet would billions... The Reuters Fact Check team of those rail lines and tankers belong to BNSF when attempting to solve mystery... Its not clear where the $ 58 million to Bidens presidential campaign mentioned in this article keystone pipeline warren buffett railroad many those.
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