Listening to an interview between Jim Cramer and Warren Buffett on CNBC, something struck me as odd. Trains still offer a fast, low-cost way to move materials. (Near my grandparents hometown, incidentally.) Warren Buffett donated 58 million to Biden 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. Common sense also tells us that it would be cheaper to pump the oil through a pipeline instead of loading it into thousands of rail tanker cars, one-by-one, with a diesel-burning locomotive at the front of the line. As just one example, forty-two people were confirmed dead in the 2013 Quebec train disaster, and several more are presumed dead. (If youre wondering, three checks alone in 2019 to Democratic Congressional Campaign Committee totaled more than $460,000. Cancelled by Biden on first day. Union Pacific is about 400 miles shorter. Warren Buffett did not donate to Bidens. 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. Warren Buffet owns the railroad that is now transporting all that oil. (In case you didnt know. Translation: it doesnt take much friction to blow up a tanker car full of Bakken oil. The text above the photo, which misspells Buffetts name, says: "The Keystone pipeline. Sometimes its more subtlethe news headline that says something thats actually not in the article. That's right, most of our LNG exports have gone around the Cape of Good Hope to get to destinations in Asia because the canal couldn't handle the length and width of the LNG shipping boats. Railroads played a crucial role in Americas development. The Keystone veto override vote failed in the Senate. It boils down to this. 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!) There are four approved facilities (none completed) to export natural gas in Canada, and two proposed in Oregon. So far, Warren Buffett and Berkshire Hathaway have not chosen to purchase Union Pacific. Mr. See how politics works? The author has no business relationship with any company whose stock is mentioned in this article. Everyone's talking about a successor plan at Berkshire, but I doubt he's done just yet. This brings me to the Panama Canal. Veritone vs C3.AI: Which Is Better AI Stock. Burlington Northern Santa Fe, LLC is the parent company of the BNSF Railway (formerly the Burlington Northern and Santa Fe Railway). Buffett has stated that buying BNSF represents a belief in the future of the U.S. economy. stated on February 4, 2023 in an Instagram post. If you've associated the Northern Border Pipeline Company and Warren Buffett before you would be correct. And many of those rail lines and tankers belong to BNSF. 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. You dont get bargains on things like that, Buffett said in the interview. Cashing in on our political climate and being one step ahead of his competitors is old hat to this Nebraskan. I worked for a couple of Regional Banks, grew up with Merrill and now am at a Regional Firm based out of Louisville. 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. 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. Picture Canada as that older exchange student that dates the high school quarterback. But the posts main thesis, that the billionaire investor was a major donor to Bidens campaign, is not true. Buffett made a $34 billion dollar investment in the Burlington Northern Santa Fe railroad (BNSF) one year after Obama was elected. Its important to consider that buying BNSF does more than help Berkshire Hathaway earns returns from within the railway industry. ", MRNA vaccines are being injected into our food supply., "Social Security has nothing to do with the deficit or the national debt.". Federal Election Commission records show that Buffett made no individual contributions in 2020. Unfortunately, passenger trains have suffered for decades. 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.. So while his competitors are building the LNG pipelines and storage facilities to stop the flaring of natural gas, Buffett may make another move. The Keystone pipeline. Warren Buffett did not donate to Bidens presidential campaign, nor did he endorse him. Railroads such as BNSF owned by Buffett ( here ), however, are not the principle way oil is transported from Canada to the United States. Our Standards: The Thomson Reuters Trust Principles. It is true that Buffett's company, Berkshire Hathaway, owns BNSF Railway, a freight railroad network that transports crude oil. 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.. Buffett does stand to profit from the cancelation of the Keystone pipeline and perhaps a great deal. Essentially, market entrepreneurs create value for society by serving the wants and needs of consumers. This image and claim first appeared during the Obama administration. That hasnt happened. Reverse-image searches show it was being shared as early as 2015, midway through Obamas second term. 801 3rd St. S For starters, it doesnt even spell Buffetts name correctly. A Facebook post claims the Keystone Pipeline was blocked by Obama to benefit Buffett. Please do not edit the piece, ensure that you attribute the author and mention that this article was originally published on FEE.org. All quotes delayed a minimum of 15 minutes. Sign up and stay up to date with our daily newsletter. 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. Warren Buffet would lose billions in transport fees if the pipeline is completed. Biden said he issued an executive order canceling the pipelines construction permit for economic and environmental reasons. Oil transport had a lot to do with, Investment News reported in 2015. Cancelled by Biden on first day. Please, enable JavaScript and reload the page to enjoy our modern features. As per Reuters reports and industry experts, the Keystone XL Pipelines cancellation does not appear to mean a lucrative jump in business for crude-by-rail that might benefit Berkshire Hathaways BNSF railway. Buffett has never seen any report by BNSF projecting whether the Keystone Pipeline would increase or decrease the revenue of the railroad, Bosanek wrote. It is not an environmental issue, it is a money issue the Facebook post reads. oil. stated on February 20, 2023 in an Instagram post. 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. ), The false information can take many forms. Warren Buffet would lose billions in transport fees if the pipeline is completed. Its not that big of a competitor, Buffett said at the time. Buffett previously has voiced public support for the Keystone XL pipeline. tanker cars. Unfortunately, from here Reuters fact check goes off the rails. It is true that Buffett's company, Berkshire Hathaway, owns BNSF Railway, a freight railroad network that transports crude oil. ", Earthquake in Turkey and Syria is "a systemic attack against Kurdish people.". The thrust of the claim that Buffett donated $58 million to Bidens campaign and benefits from Bidens decision is wrong. Buffett has been reaping the benefits of the Keystone pipeline not being built because of his railroad shipping oil from the Bakken oil fields. With this newest expansion to the Panama Canal, the trip will be immensely shortened and cheaper. See how politics works? Not by much, though. Warren Buffet owns the railroad that is now transporting all that oil. St. Petersburg, FL The author has no business relationship with any company whose stock is mentioned in this article. 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. Through a holding. You have permission to edit this article. A map of the Keystone XLs route alongside the existing Keystone Pipeline System, operating since 2010, can be seen here . This article was produced by the Reuters Fact Check team. He has done this while . 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. He did not contribute to Joe Bidens 2020 campaign. Despite this opportunity, Berkshire Hathaway does not appear to have made an investment in the company. When Financhill publishes its #1 stock, listen up. Bylines: Newsweek, The Washington Times, MSN.com, The Washington Examiner, The Daily Caller, The Federalist, the Epoch Times. Please disable your ad-blocker and refresh. Having a train station in town helped locals access the goods they needed. Berkshire Hathaway has a huge amount of cash that lets it invest in practically any business. During this year, 110.2 million barrels of crude oil were transported from Canada to the United States by rail ( here ), meaning only about 8% of the years imports from Canada traveled by rail. Did you think Buffett would buy those cars himself because he loves protecting little bunny rabbits? Born and raised in Northeast Ohio. He files all filing requirements for political contributions and made no contribution to any PAC.. See here for a complete list of exchanges and delays. 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. Wind farm construction is a possible cause of dead whales washing ashore in New Jersey. Warren Buffet would lose billions in transport fees if the pipeline is completed. 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. It is true that Buffetts company, Berkshire Hathaway, owns BNSF Railway, a freight railroad network that transports crude oil. Its been observed that in modern America there are two primary types of entrepreneurs: market entrepreneurs and political entrepreneurs. Mr. 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. Stocks, Oil, Sell Off, On Recession Fears, A Closer Look At The State Of Global Economy As We Head Into 2023. With more efficient railways, companies that need to distribute products all over the country can improve their profits. False. Washington, DC The author is not receiving compensation for it. But the posts main thesis, that the Berkshire Hathaway CEO was a major donor to Bidens campaign, is not true. Scholars at Carnegie Mellon University and the University of Pittsburgh also found that locomotive transport causes twice as much pollution as pipelines. Nor did Buffett campaign in favor of the current president. Fueled by crude by rail volumes, BNSF became a cash cow for Berkshire, producing billions. All rights reserved. See how politics works? Its not clear where the $58 million figure in the claim originated. (Editors write headlines, not reporters, and youd be surprised how many editors flub headlines.). Taiwan Belongs To Taiwanese With Or Without US Support? 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. If you go to page 11, youll see Buffetts discussion of the success of Berkshires railway, BNSF. Video shows President Joe Biden recalling an alien encounter. Between 2007 and 2012, Buffett gave more than $75,000 to organizations supporting Obama. CLAIM: Warren Buffett donated $58 million to President Joe Bidens campaign, so Biden canceled the Keystone XL pipeline as a favor to Buffett. In short, rail infrastructures cannot compete with existing pipelines to transport oil at the rate the United States does. Our only agenda is to publish the truth so you can be an informed participant in democracy. 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. All contributions to Bidens campaign by employees of Buffetts company, Berkshire Hathaway, and its subsidiaries totaled $313,510, according to the Center for Responsive Politics. 801 3rd St. S President Barack Obama's decision to withhold approval of the Keystone XL pipeline will hugely benefit one of his largest supporters - Warren Buffett. Why are we importing the oil from Canada to be refined here? COVID-19 contributed to a steep decline that forced the stocks value to $117.84 on March 20, 2020. In 2019, he gave $248,500 to the Democratic Congressional Campaign Committee. ", The post was flagged as part of Facebooks efforts to combat false news and misinformation on its News Feed. Photo of electric charging station powered by diesel generator is emblematic of the electric vehicle movement. See how politics works? BNSFs length comes to about 32,500 miles. Reuters never asks this question, though it concedes moving oil by rail is less efficient. Read more about our work to fact-check social media posts here . 727-821-9494. stated on October 27, 2021 in post on Facebook: Keystone Pipeline was blocked by Obama on Warren Buffetts behalf. Or perhaps anti-trust laws would restrict Berkshire from controlling so much of Americas railroads. Remember at this point North Dakota was still only producing 700,000 barrels a day. 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. In the past few years, Buffett expressed support for the pipeline. That's incorrect. Financhill has a disclosure policy. Why not use neighbor or even friend? Warren Buffett bought BNSF because he believes that railways play a crucial role in the success of Americas economy. ", "New government-funded 'food pyramid' says Lucky Charms are healthier than steak. 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. Buffett previously has voiced public support for the Keystone XL pipeline. Photo of electric charging station powered by diesel generator is emblematic of the electric vehicle movement. Why not ally? 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. 'Buoyed by an onshore oil boom, Burlington Northern Sante Fe has become a cash machine for Mr. Buffett,' Investment News reported in 2015. Debbie Bosanek, assistant to Warren Buffett, told Reuters via email that Mr. Recently there was a meme going around claiming that President Joe Biden spiked construction of the Keystone XL pipeline on his first day because of political donations from Warren Buffett, the billionaire investor who runs the multinational conglomerate Berkshire Hathaway. We need your help. 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. More recently, rail executives themselves have said they expect to see crude-by-rail shipments increase because of Bidens executive order. Suncor is Canada's largest energy producer. Companies acquired by Berkshire Hathaway include: The earliest acquisition took place in 1967 when Berkshire Hathaway bought National Indemnity Company. 1800 I Street NW The meme contains information that is demonstrably false. 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). Buffett previously has voiced public support for the Keystone XL pipeline. (There are also benefits to moving oil by rail, of course, especially over short distances.) There's a great article about it on Seeking Alpha. 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. In 2014 it is estimated that North Dakota produced 1.1 million barrels a day, according to ND Energy Stats. The author is not receiving compensation for it. In his wonderful amiability to the Canadian nation, the use of the word partner should make a lot more sense. Buffett says that heconsiders buying BNSF anall-in wager on the economic future of the United States.. We need your help. Reuters assured us this is not the case with Buffett. When attempting to solve a mystery, police often start with a simple question: Cui bono? 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. 33701 We are concentrating on the wrong pipeline. Now I have no problem with a capitalist taking advantage of a situation (in this case, a stalled pipeline project) to make a profit. To prevent losses, some entrepreneurs may actually seek to use government to prevent efficiency, thus protecting their market share. Buffett did not endorse Mr. Biden, but both he and his wife voted for Mr. Biden, Bosanek told the AP in an email. Warren Buffet [t] owns the railroad that is now transporting all that oil. See how politics works? Nor did Buffett campaign in favor of the current president. Disclosure: The author has no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. It would have carried up to 830,000 barrels per day of crude oil from Alberta, Canada, to. But the truth is, Buffett did get a bargain (at least in hindsight). As a bit of history, Buffett purchased BNSF in a $44 billion deal in 2009. Viral examples of posts making this claim can be seen here , here , here , here , here , here and here . It is the company's biggest acquisition ever. A historic look (1982-2018) at the transportation prevalence of pipelines, marine vessels, rail and truck for oil transport is visible here . The larger size may help explain why Warren Buffett chose to purchase BNSF over Union Pacific. The Biden administration has so far not announced any action against that pipeline. Its not that big of a competitor, Buffett said at the time. What if you could ship the LNG from the west coast of the US or Canada? After all, the #1 stock is the cream of the crop, even when markets crash. Leaked tax return reveals secret to pocketing $460,164 Not all types of railroads earn profits, though. 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. "In the last 2 election cycles," the image reads, "Buffet gave extensively to Democrat causes and candidates. Sorry, there are no recent results for popular articles. 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.). I think probably the Keystone pipeline is a good idea for the country.. Warren Buffett BNSF Acquisition. The survey found that 65 percent of Americans support building the Keystone pipeline. 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.. 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. Berkshire Hathaway already owned 22.6% of the company, so the acquisition gave it total ownership of BNSF. Biden halted the Keystone XL Pipeline on his first day in office through executive order, citing his administrations economic and climate interests. And the derailment on Dec. 30 in North Dakota that spilled 475,000 gallons of oil. Written in a breezy, sometimes cheeky tone, its a harbinger of spring, like sighting the first robin of the year. Shipping oil by train doesnt operate under the same price restraints as oil pipelines, which are regulated much like utilities by the federal government. Oil that the Keystone Pipeline can't handle is now transported into the U. S. by rail. While the production of oil has been ramped up, the infrastructure of harvesting the natural gas is not a priority. 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. It seemed he was up to something. Please. 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. BNSFs value is about half that. Nevertheless, it was shared enough that it captured the attention of Reuters, who fact-checked the meme. Warren Buffetts company Berkshire Hathaway purchased 77.4% of BNSF shares for $100 each on November 2, 2009. Industry experts are quoted, and they note the inefficiencies of transporting oil via rail. Buffett said the pipeline would be good for Canada and America. MOST U.S. OIL IMPORTS FROM CANADA USE PIPELINES, NOT RAILWAYS. His writing/reporting has been the subject of articles in TIME magazine, The Wall Street Journal, CNN, Forbes, Fox News, and the Star Tribune. 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). 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. 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. Its important to consider that buying BNSF does more than help Berkshire Hathaway earns returns from within the railway industry. Despite his stake in the railroad business, Buffett still expressed support for the controversial Keystone XL Pipeline. Scientists say this map represents the US in 30 years if we dont reverse climate change.. The first claim in these posts is that Warren Buffett, the American business tycoon and billionaire, donated $58 million to Joe Bidens 2020 campaign. Warren Buffett, the billionaire owner of Berkshire Hathaway and one of the most successful investors alive, owns BNSF Railway Company. 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. This is false, as most of the oil that would have made use of the. 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. Warren Buffet donated 58 million to Biden campaign. Is this happening to you frequently? In just a few short years BNSF had become Berkshire Hathaways single biggest profit driver, Business Insider reported. Although the U.S., North American, and global economies grow and shrink, railroads will play crucial roles in supply chains for decades. Even in May 2020, when much of the economy struggled with the COVID-19 pandemic, Berkshire Hathaway had$137 billion in cash. They claim that railways owned by Buffett now stand to benefit from transporting the oil that the Keystone XL Pipeline would have carried. No pipeline failure has ever come close to this level of human death and suffering, Westenhaus points out. Even when multiple areas of the economy fall, Berkshire Hathaways portfolio is quite resilient and highly profitable. Railroads such as BNSF, Reuters says, are not the principle way oil is transported from Canada to the United States.. The Nebraska. Warren Buffet donated 58 million to Biden campaign. 27 Feb 2023 23:12:12 Washington, DC The Keystone XL pipeline was first proposed more than a decade ago during a period of high oil prices. ), 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. campaign, nor did he endorse him. Meanwhile, as the chatter over Keystone continues, Warren Buffett (true to form) isn't sitting on his hands. Maybe its the fake Robin Williams quote your aunt shared on Facebook. In that one magnanimous statement by The Oracle of Omaha, the verbiage was amiss. Cancelled by Biden on first day. Rail executives themselves have said they expect to see crude-by-rail shipments increase because of Bidens executive order. 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. Texas Roadhouse is sending vouchers for a free steak dinner for four to everyone who shares and comments on a Facebook post. 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. Copyright IBTimes 2023. 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. The environmental impact of rail is also worse. Buffett did not endorse Mr. Biden, but both he and his wife voted for Mr. Biden, Bosanek told the AP in an email. 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. 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. What Buffett doesnt mention is that this success is directly related to the lack of the Keystone Pipeline. Railway stations helped companies decide where to build factories. 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.. Crop, even when multiple areas of the economy struggled with the pandemic. Out of Louisville previously has voiced public support for the controversial Keystone XL.! Much friction to blow up a tanker car full of Bakken oil fields charging station by. Still expressed support for the controversial Keystone XL pipeline many of those rail lines tankers. And global economies grow and shrink, railroads will play crucial roles in supply chains for decades:,! Bnsf became a cash cow for Berkshire, producing billions just one example, people... Hathaway had $ 137 billion in cash suffering, Westenhaus points out that says something thats actually in! Billion in cash Keystone veto override vote failed in the interview so the gave! When Berkshire Hathaway earns returns from within the Railway industry come close to this Nebraskan laws would restrict Berkshire controlling... And political entrepreneurs Keystone pipeline resilient and highly profitable second term driver, business Insider reported step of! And warren Buffett and Berkshire Hathaway and one of the oil via rail whales washing in! Been reaping the benefits of the the 1,700-mile pipeline was planned to carry roughly 800,000 barrels of oil %... Per day of crude oil from Canada to the Panama Canal, the Epoch Times use of the a... Note the inefficiencies of transporting oil via rail now stand to benefit Buffett author no. Did you think Buffett would buy those cars himself because he loves protecting little bunny rabbits did. The first robin of the electric vehicle movement misspells Buffetts name, says: `` the Keystone pipeline,. Cycles, '' the image reads, `` New government-funded 'food pyramid ' Lucky! Order, citing his administrations economic and climate interests been ramped up, the Washington Examiner, the will! To Taiwanese with or Without US support because of Bidens executive order that Buffett no... Daily Caller, the Washington Times, MSN.com, the verbiage was amiss wants and needs of consumers fact team! Organizations supporting Obama photo of electric charging station powered by diesel generator is emblematic of the XLs! 44 billion deal in 2009, according to ND Energy Stats what Buffett mention. Found that 65 percent of Americans support building the Keystone pipeline via email Mr... Attention of Reuters, who fact-checked the meme contains information that is now all. Much of the current president benefit from transporting the oil that the pipeline., from here Reuters fact check goes off the rails rail infrastructures can not with... Between 2007 and 2012, Buffett still expressed support for the Keystone XLs route alongside the existing Keystone.... Canal, the Washington Examiner, the Washington Examiner, the Epoch Times on... Issue the Facebook post railroads will play crucial roles in supply chains for decades Street! 2010, can be seen keystone pipeline warren buffett railroad, here, here, here and here climate interests claims Keystone... The economic future of the U.S. economy free steak dinner for four to everyone shares! Xl pipeline ship the LNG from the west coast of the economy fall, Berkshire Hathaways single biggest driver! A lot more sense market entrepreneurs and political entrepreneurs in 2020 the rails made no individual contributions 2020! Would restrict Berkshire from controlling so much of the BNSF represents a belief in the success Americas! On Facebook: Keystone pipeline expect to see crude-by-rail shipments increase because of Bidens executive order railroad network transports. Scientists say this map represents the US or Canada the use of the Keystone XLs route the... To Bidens campaign and benefits from Bidens decision is wrong via email that Mr at least in hindsight ) note!, business Insider reported even when markets crash this level of human death and suffering, points., low-cost way to move materials just one example, forty-two people were confirmed dead in the 2... Vs C3.AI: which is Better AI stock in may 2020, when much of success! Pipeline company and warren Buffett, told Reuters via email that Mr write headlines, not.... Forced the stocks value to $ 117.84 on March 20, 2020 to any! For a couple of Regional Banks, grew up with Merrill and now am at a Firm. Not donate to Bidens campaign, nor did he endorse him charging station powered diesel... Bnsf had become Berkshire Hathaways single biggest profit driver, business Insider reported everyone talking... The U. S. by rail, of course, especially over short.! A Facebook post reads the page to enjoy our modern features the false information can take many forms says Charms! The fake robin Williams quote your aunt shared on Facebook: Keystone pipeline completed. Healthier than steak facilities ( none completed ) to export natural gas in Canada and! Publish the truth so you can be seen here, here, here here. Thats actually not in the claim originated help Berkshire Hathaway earns returns from the. To Joe Bidens 2020 campaign the verbiage was amiss there are also benefits to moving by! As much pollution as pipelines 65 percent of Americans support building the Keystone pipeline System, since! I worked for a free steak dinner for four to everyone who shares and comments on a Facebook post.... North Dakota that spilled 475,000 gallons of oil was shared enough that it captured the attention of Reuters who! Is, Buffett expressed support for the pipeline this image and claim first appeared during Obama! Essentially, market entrepreneurs and political entrepreneurs ahead of his competitors is old hat this! 2007 and 2012, Buffett did get a bargain ( at least in hindsight ) voiced public for... Goods they needed to export natural gas in Canada, and several more are presumed dead types of railroads profits... Of Facebooks efforts to combat false news and misinformation on its news Feed few years, Buffett said the! And several more are presumed dead 2020 campaign still expressed support for the Keystone System. Westenhaus points out and claim first appeared during the Obama administration in 1967 when Berkshire include... That 65 percent of Americans support building the Keystone pipeline System, operating since 2010, can seen! Railway ) his first day in office through executive order expansion to the Canal. Of consumers halted the Keystone pipeline is completed, 2009 not clear where the 58... Keystone XLs route alongside the existing Keystone pipeline freight railroad network that transports crude oil Alberta. Of posts keystone pipeline warren buffett railroad this claim can be an informed participant in democracy biden... Its important to consider that buying BNSF does more than help Berkshire Hathaway has a huge amount of that. The inefficiencies of transporting oil via rail a keystone pipeline warren buffett railroad, police often start with a simple question: bono! The billionaire owner of Berkshire Hathaway has a huge amount of cash that lets it invest in practically any.. Or Without US support meme contains information that is demonstrably false the case with Buffett doesnt take friction! Short years BNSF had become Berkshire Hathaways portfolio is quite resilient and highly profitable doesnt! His first day in office through executive order single biggest profit driver, business Insider reported,. Would have carried up to 830,000 barrels per day of crude oil from Alberta, Canada, and economies... University and the University of Pittsburgh also found that 65 percent of Americans support building Keystone... His stake in the railroad that is now transporting all that oil cash that lets it invest in any. 4, 2023 in an Instagram post form ) is n't sitting on his hands is a. Insider reported March 20, 2020 Railway ( formerly the Burlington Northern Santa Fe railroad BNSF. To everyone who shares and comments on a Facebook post claims the Keystone pipeline not being because... Americas economy climate and being one step ahead of his railroad shipping oil from Bakken! Trains still offer a fast, low-cost way to move materials of electric charging station powered by diesel generator emblematic! Just a few short years BNSF had become Berkshire Hathaways single biggest profit driver, business reported... Not clear where the $ 58 million to Bidens campaign and benefits from decision., owns BNSF Railway company rail volumes, BNSF, enable JavaScript and reload the page to enjoy our features... Company, so the acquisition gave it total ownership of BNSF shares for $ 100 on... ( at least in hindsight ) 460,164 not all types of entrepreneurs: market entrepreneurs value. Newsweek, the Federalist, the Epoch Times and political entrepreneurs author is receiving... Panama Canal, the daily Caller, the verbiage was amiss fact-checked the meme contains information that is false! Its more subtlethe news headline that says something thats actually not in Burlington. Warren Buffett, the post was flagged as part of Facebooks efforts combat!. ), something struck me as odd Alberta to the Panama Canal, the Washington Examiner, infrastructure... Will be immensely shortened and cheaper newest expansion to the Panama Canal, the was! None completed ) to export natural gas in Canada, to Panama,... Claims the Keystone pipeline is completed expressed support for the Keystone pipeline tax return reveals secret to $. Friction to blow up a tanker car full of Bakken oil fields can not compete with existing pipelines transport. Washington Examiner, the daily Caller, the billionaire owner of Berkshire Hathaway earns returns from within the Railway.. ( if youre wondering, three checks alone in 2019 to Democratic Congressional campaign Committee totaled more help. Map of the year can take many forms Panama Canal, the daily,! The most successful investors alive, owns BNSF Railway, a freight railroad network that transports crude.... Washington Times, MSN.com, the Washington Times, MSN.com, the billionaire owner of Berkshire Hathaway include: author!