This brings me to the Panama Canal. Biden cancellation of Keystone XL pipeline was not a favor to Warren Buffet. Sign up and stay up to date with our daily newsletter. stated on February 20, 2023 in an Instagram post. The larger size may help explain why Warren Buffett chose to purchase BNSF over Union Pacific. 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. He also bundled and hosted numerous fundraisers for Obama. 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. This is false, as most of the oil that would have made use of the. Warren Buffett did not donate to Bidens presidential campaign, nor did he endorse him. 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. 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.. 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). THE FACTS: On Bidens first day in office, he halted construction of the Keystone XL pipeline. But the posts main thesis, that the billionaire investor was a major donor to Bidens campaign, is not true. Trains still offer a fast, low-cost way to move materials. Buffett supported the pipeline. FEE Composite: Flickr-Fortune Live Media | Roy Luck, CC BY 2.0, doesnt operate under the same price restraints, The Assemblywomen: The Ancient Greek Play That Mercilessly (and Hilariously) Mocked Socialism and Democracy, Legendary Journalist Says He Knows What the Mystery Object Was the US Military Shot Down Over Alaska, The 2 Most Important Words in Jurassic World: Dominion, Proof That Western Progressives Loved Stalinism and Maoism, Despite Their Horrors. This post may contain affiliate links or links from our sponsors. 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. 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 . Oil that the Keystone Pipeline can't handle is now transported into the U. S. by rail. BNSFs length comes to about 32,500 miles. According to Federal Election Commission records, Buffett did not contribute to Joe Bidens 2020 presidential campaign. 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. Please disable your ad-blocker and refresh. 801 3rd St. S The news agency also correctly pointed out that Buffett donated to congressional Democrats in 2019, though they declined to say how much. 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.. 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. Federal Election Commission records show that Buffett made no individual contributions in 2020. PolitiFact, "Facebook Posts: Says Joe Biden canceled the Keystone pipeline because Warren Buffett donated $58 million to his campaign," Jan. 27, 2021, Reuters, "Fact Check: Buffett did not donate to Biden; oil that would have been transported through the Keystone XL Pipeline will use existing infrastructure, not Buffett-owned railroad," Feb. 2, 2021, Associated Press, "Keystone XL pipeline halted as Biden revokes permit," Jan. 20, 2021, Associated Press, "Warren Buffett did not donate to Biden presidential campaign," Jan. 28, 2021, FactCheck.org, "Buffett Didnt Donate to Biden or Cause Pipeline to be Cancelled," Feb. 5, 2021, Ballotpedia, "Keystone XL Pipeline political timeline," last accessed Nov. 10, 2021, The New York Times, "Citing Climate Change, Obama Rejects Construction of Keystone XL Oil Pipeline," Nov. 6, 2015, CNBC, "Id vote yes on Keystone pipeline: Warren Buffett," March 3, 2014, NPR, "Developer Abandons Keystone XL Pipeline Project, Ending Decade-Long Battle," June 9, 2021, NPR, "President Obama Rejects Keystone XL Pipeline Plan," Nov. 6, 2015, Forbes, "The Competitors Who Stand To Win From Denial Of Keystone XL," Nov. 10, 2015, Omaha World-Herald, "Warren Watch: Behind Buffetts support of Keystone XL pipeline project," Nov. 27, 2017, Federal Elections Commission, Individual contributions for Warren Buffett to Barack Obama, last accessed Nov. 12, 2021. With Burlington Northern's testing of LNG powered locomotive and their interest in shipping LNG on trains, what's Warren's next move? See how politics works? Even in May 2020, when much of the economy struggled with the COVID-19 pandemic, Berkshire Hathaway had$137 billion in cash. Dyson is canceling their contract with Walmart and selling off Dyson Supersonic hair dryers only for $1!. The author is not receiving compensation for it. Our only agenda is to publish the truth so you can be an informed participant in democracy. Warren Buffett did not donate $58 million to Joe Bidens 2020 campaign. ", The image was flagged as part of Facebooks efforts to combat false news and misinformation on its News Feed. 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. Through a holding. 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 . The Keystone XL pipeline was first proposed more than a decade ago during a period of high oil prices. "I think probably the Keystone pipeline is a good idea for the country," he said during an appearance on CNBC's "Squawk Box" on Monday. Warren Buffet donated 58 million to Biden campaign. and $5,800 to Democratic Arizona Senator Mark Kellys campaign. It is not an environmental issue, it is a money issue. St. Petersburg, FL 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. He files all filing requirements for political contributions and made no contribution to any PAC.. The thrust of the claim that Buffett donated $58 million to Bidens campaign and benefits from Bidens decision is wrong. Despite being a railroad proponent, Buffett said he's not against the environmentally controversial Keystone XL Pipeline that would bring crude oil from Alberta, Canada, through the Dakotas. 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. THE FACTS: Buffett, chairman and CEO of Berkshire Hathaway, did not donate to Bidens presidential campaign, nor did he endorse him. Mr. 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. Having a train station in town helped locals access the goods they needed. Warren Buffet owns the railroad that is now transporting all that oil. 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.. Some estimates put Union Pacifics overall value at more than $105 billion. The author is not receiving compensation for it. Warren Buffett owns the railroad that is now transporting all that oil. There's a great article about it on Seeking Alpha. In September of 2012 Burlington Northern owned by Berkshire Hathaway (BRK.A) announced that it would increase its capacity to transport 1 million barrels per day from the Bakken crude. 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. Nevertheless, it was shared enough that it captured the attention of Reuters, who fact-checked the meme. And many of those rail lines and tankers belong to BNSF. It is not an environmental issue, it is a money issue the Facebook post reads. And the derailment on Dec. 30 in North Dakota that spilled 475,000 gallons of oil. In 2019, for example, the United States imported 3.7 million barrels per day from Canada ( here ), about 1.35 billion barrels for the year. Our only agenda is to publish the truth so you can be an informed participant in democracy. Berkshire Hathaway has a huge amount of cash that lets it invest in practically any business. 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 would have carried up to 830,000 barrels per day of crude oil from Alberta, Canada, to. The horrible truth is train transport is far more dangerous, energy writer Brian Westenhaus has pointed out. The 1,700-mile pipeline was planned to carry roughly 800,000 barrels of oil a day from Alberta to the Texas Gulf Coast. Biden halted the Keystone XL Pipeline on his first day in office through executive order, citing his administrations economic and climate interests. 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. This is not the first time claims have suggested that Democratic presidents have opposed the Keystone XL pipeline as a political favor to Buffett. Correcting Wood Mackenzie team name in paragraph 22. That said, Reuters claims dont add up, and the news agency omits relevant facts about Buffetts rail operation. Campaign, nor did he endorse him our sponsors cancellation of Keystone XL pipeline was first more. Into the U. S. by rail in town helped locals access the goods they needed agency relevant. Keystone XL pipeline was not a favor to warren Buffet, who fact-checked the meme a... Hair dryers only for $ 1!, energy writer Brian Westenhaus has pointed out,! 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