Please do not edit the piece, ensure that you attribute the author and mention that this article was originally published on FEE.org. Buffett, in fact, supported its construction. Buffett has expressed his support for the Keystone XL Pipeline, even though it would have competed against his Burlington Northern railroad, which transports crude. Just ask someone who was driving a car in the 1970s. CLAIM: Billionaire Warren Buffett donated $58 million to President Joe Bidens campaign, so Biden canceled the Keystone XL pipeline as a favor to Buffett. That's incorrect. See here for a complete list of exchanges and delays. On his first day in office, President Joe Biden signed an executive order revoking the permit for the controversial Keystone XL Pipeline, which would have helped carry crude oil from Canada to refineries in the Gulf of Mexico. By purchasing BNSF, Berkshire Hathaway got a longer railway at less than half the price of Union Pacific. Written in a breezy, sometimes cheeky tone, its a harbinger of spring, like sighting the first robin of the year. Its been observed that in modern America there are two primary types of entrepreneurs: market entrepreneurs and political entrepreneurs. COVID-19 vaccines "provide zero benefit relative to risk for the young and healthy.". The BNSF is one of the largest freight railroad networks in North America, with a rail network of 32,500 route miles in 28 states and three Canadian provinces" ( here ). 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. Forty-two people were confirmed dead in the 2013 Quebec train disaster, and several more are presumed dead. After all, the #1 stock is the cream of the crop, even when markets crash. The Keystone pipeline. It is not an environmental issue, it is a money issue the Facebook post reads. It wasn't his response on the pipeline project itself, it was the use of the word partner. But rail-car supplies can expand . In spite of all these events and factors, the environmentalists keep insisting the Keystone Pipeline is too dangerous. 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. Our only agenda is to publish the truth so you can be an informed participant in democracy. Cancelled by Biden on first day. We don't find evidence that the decision was intended to benefit Buffett. THE FACTS: On Bidens first day in office. Scholars at Carnegie Mellon University and the University of Pittsburgh also found that locomotive transport causes twice as much pollution as pipelines. 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!) Mr. For starters, it doesnt even spell Buffetts name correctly. 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. 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. (If youre wondering, three checks alone in 2019 to Democratic Congressional Campaign Committee totaled more than $460,000. Rifles were involved in 297 deaths in the U.S. in 2022 and constipation killed 2,167., 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.. 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 ). Oh yeah. 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. Railway stations helped companies decide where to build factories. It is not an environmental issue, it is a money issue As weve seen, rail shipments involve possible derailments, accidents and opportunities for ignition-causing friction. 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. 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. Video shows President Joe Biden recalling an alien encounter. He also bundled and hosted numerous fundraisers for Obama. The internet is not known as a purveyor of truth. Copyright 2023 IBTimes LLC. 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. Although he hasn't spoken publicly about the most recent step forward by the Keystone XL oil pipeline proposal, Warren Buffett has generally supported the project for years. As president, Obama rejected a permit for the pipeline, arguing that the project would not lower gas prices or increase the nations energy security. The same theory circulated during the Obama administration. Washington, DC 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. 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. 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. Cancelled by Biden on first day. Our Standards: The Thomson Reuters Trust Principles. 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. Jonathan Miltimore is the Managing Editor of FEE.org. See how politics works? But. Texas Roadhouse is sending vouchers for a free steak dinner for four to everyone who shares and comments on a Facebook post. Read more about our work to fact-check social media posts here . Warren Buffett did not donate $58 million to Joe Bidens 2020 campaign. Buffett gave no money to the Biden presidency campaign in 2020, Buffett assistant Debbie Bosanek told Reuters. The theory is that Buffett is. Ugur Sahin, CEO of BioNTech and inventor of the BIO N TECH Pfizer jab, refuses to take the jab for safety reasons.. For example, Amtrak haslost money every year since 1971, even though a train ticket often costs more than an airplane ticket. Warren Buffet owns the railroad that is now transporting all that oil. 1800 I Street NW Using U.S. federal government data, the McClatchy news service estimates that in 2013 more oil was spilled than in the previous four decades combined. The author has no business relationship with any company whose stock is mentioned in this article. The railroad had sent more than $15 billion in dividends to Berkshire through Sept. 30, according to quarterly regulatory filings. Picture North Dakota as the awkward blonde girl that lives across the street. 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. 27 Feb 2023 23:12:12 ", People not vaccinated against COVID-19 came out the best. Maybe that day will eventually come. We will, at the gas pump. Its not an environmental issue, it is a money issue. (As the video below shows, suppliers are willing to pay higher short term costs for greater shipping flexibility. It is true that Buffetts company, Berkshire Hathaway, owns BNSF Railway, a freight railroad network that transports crude oil. Trains still offer a fast, low-cost way to move materials. Buffett gave no money to the Biden presidency campaign in 2020. The long . His writing/reporting has been the subject of articles in TIME magazine, The Wall Street Journal, CNN, Forbes, Fox News, and the Star Tribune. 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 have been in the financial industry since 1999. Some have really taken to the notion, for example, that Warren Buffett has a hand in delaying the pipeline project in order to boost his railroad business. 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. Canada is the primary supplier of foreign oil to the United States. 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 past few years, Buffett expressed support for the pipeline. Warren Buffett, the billionaire owner of Berkshire Hathaway and one of the most successful investors alive, owns BNSF Railway Company. Our only agenda is to publish the truth so you can be an informed participant in democracy. Berkshire noted that . Biden said he issued an executive order canceling the pipelines construction permit for economic and environmental reasons. It would take a remarkable technological revolution to make trains obsolete. 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. Says he has been to Afghanistan, Iraq and those areas twice as president. 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. Wind farm construction is a possible cause of dead whales washing ashore in New Jersey. 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