It's also incredibly lucrative. Buffett, in fact, supported its construction. In 2011 North Dakota was producing 417,400 barrels of oil per day. Here in Delaware, Ive seen the tankers up close and personal. Why not ally? More stunning: The business is on pace to return all the cash Mr. Buffett spent taking it private by the end of this year., None of these facts made it into Reuters fact check.. Perhaps he doesnt want to buy a railway that will compete with BNSF. 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. All quotes delayed a minimum of 15 minutes. 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.". Buffett doesnt believe in short-term investment strategies that can lead to quick profits. As Reuters admits, Berkshire Hathaway does in fact own one of the largest railroad networks in North America: the Burlington Northern Santa Fe Corp, which runs 32,500 route miles crossing 28 states and several Canadian provinces. Copyright 2023 IBTimes LLC. Even in May 2020, when much of the economy struggled with the COVID-19 pandemic, Berkshire Hathaway had$137 billion in cash. When it comes to length, though, BNSF manages to beat Union Pacific. More recently, rail executives themselves have said they expect to see crude-by-rail shipments increase because of Bidens executive order. Buffett gave no money to the Biden presidency campaign in 2020. Some have gone through the Mediterranean and the Suez Canal. This brings me to natural gas. How long would the trip be and how much would it cost? Its expensive to transport crude by rail, especially over long distances, Ben Cahill, a senior fellow in the Energy Security and Climate Change Program at the Center for Strategic and International Studies (CSIS), told Reuters via email. here ). Buffett says that heconsiders buying BNSF anall-in wager on the economic future of the United States.. 1800 I Street NW Read more about our work to fact-check social media posts here . The Keystone veto override vote failed in the Senate. Berkshire Hathaway already owned 22.6% of the company, so the . Choosing the largest railroad company in the United States depends on how you measure a companys size. Sometimes its more subtlethe news headline that says something thats actually not in the article. Forty-two people were confirmed dead in the 2013 Quebec train disaster, and several more are presumed dead. Does Warren Buffett own the railroad? Buffett has been reaping the benefits of the Keystone pipeline not being built because of his railroad shipping oil from the Bakken oil fields. This post may contain affiliate links or links from our sponsors. One theory posits that the cost to build a railway today and jump through the municipal and state hurdles would be too high to justify. See how politics works? The 1,700-mile pipeline was planned to carry roughly 800,000 barrels of oil a day from Alberta to the Texas Gulf Coast. Warren Buffet owns the railroad that is now transporting all that oil. The 1,700-mile pipeline was planned to carry roughly 800,000 barrels of oil a day from Alberta to the Texas Gulf Coast. Berkshire Hathaway did not respond to Reuters request for comment on possible gains from Keystone XLs cancellation. The purchase had a value of about $44 billion, making it the largest acquisition in Warren Buffetts career. Its not that big of a competitor, Buffett said at the time. The railroad had sent more than $15 billion in dividends to Berkshire through Sept. 30, according to quarterly regulatory filings. The author is not receiving compensation for it. Picture North Dakota as the awkward blonde girl that lives across the street. Photo of electric charging station powered by diesel generator is emblematic of the electric vehicle movement. This article was produced by the Reuters Fact Check team. Nor did the article discuss the adverse impact of shipping oil by rail. 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. With more efficient railways, companies that need to distribute products all over the country can improve their profits. Not all types of railroads earn profits, though. Pfizer made $37 billion in profit in its last quarter. See how politics works? Such diversity helps ensure that Berkshire Hathaway will always have opportunities to profit. It is not an environmental issue, it is a money issue Warren Buffet would lose billions in transport fees if the pipeline is completed. And perhaps thats the answer. 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. "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. (As the video below shows, suppliers are willing to pay higher short term costs for greater shipping flexibility. Warren Buffet owns the railroad that is now transporting all that oil. Essentially, improved efficiency is good for consumers and for an economy as a whole, but it can be harmful to less efficient competitors. These vehicle margins peaked in the first half of 2022 and declined in the second half. But. Unfortunately, passenger trains have suffered for decades. The same theory circulated during the Obama administration. 20006, Florida It has continued adding to its long list of acquisitions since then. See how politics works? Morningstar analyst Gregg Warren projects that the Dominion pipeline assets will generate $1 billion in earnings before interest, taxes and depreciation and amortization, for Berkshire Hathaway. Buffett made a $34 billion dollar investment in the Burlington Northern Santa Fe railroad (BNSF) one year after Obama was elected. Our only agenda is to publish the truth so you can be an informed participant in democracy. 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. It boils down to this. The news agency also correctly pointed out that Buffett donated to congressional Democrats in 2019, though they declined to say how much. Is this happening to you frequently? Its not an environmental issue, it is a money issue. (Follow him on Substack.). 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. Scientists say this map represents the US in 30 years if we dont reverse climate change.. 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. 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. President Barack Obama's decision to withhold approval of the Keystone XL pipeline will hugely benefit one of his largest supporters - Warren Buffett. 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 ). By purchasing BNSF, Berkshire Hathaway got a longer railway at less than half the price of Union Pacific. Please, enable JavaScript and reload the page to enjoy our modern features. The Canadian Prime Minister, Justin Trudeau, had a rocky relationship with President Trump. (Read more about our partnership with Facebook.). But lets remember the reason given by President Barack Obamas administration and its friends for holding up the Keystone project: the environment. Railway stations helped companies decide where to build factories. Biden cited economic and environmental reasons for signing an executive order that effectively halts construction of the pipeline. A political entrepreneur, on the other hand, succeeds primarily by influencing government to subsidize his business or industry, or to enact legislation or regulation that harms his competitors.. Despite his stake in the railroad business, Buffett still expressed support for the controversial Keystone XL Pipeline. A Buffett spokeswoman has said that Buffett voted for Biden and that he does not have a position on how the pipeline might have affected BNSF Railway, a freight railroad network owned by Berkshire Hathaway that transports crude 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 aCNBC television appearance in 2014. Union Pacific has a greater value than BNSF. While Buffett donated to the Democratic Congressional Campaign Committee (DCCC, the committee working to elect Democrats to the House of Representatives) and to former astronaut and junior senator Mark Kelly (D-AZ), no other political recipients are listed for this election cycle of 2019-2020 (this was also reported by Yahoo! Berkshire Hathaway already owned 22.6% of the company, so the acquisition gave it total ownership of BNSF. 727-821-9494. stated on January 27, 2021 in a Facebook post: Says Joe Biden canceled the Keystone pipeline because Warren Buffett donated $58 million to his campaign. 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.). That 65 percent includes 51 percent of Democrats, a slim majority, but significant considering the Democrat party has a powerful environmentalist faction. 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. Omaha World-Herald, "Warren Watch: Behind Buffett's support of Keystone XL pipeline project," Sept. 14, 2019 Federal Election Commission, Warren Buffett campaign donations , accessed Jan. 29, 2021 The importance of railroads hasnt gone unnoticed by some of the worlds top investors. And who will pay for those improved tankers? 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. It is true that Buffetts company, Berkshire Hathaway, owns BNSF Railway, a freight railroad network that transports crude oil. Cashing in on our political climate and being one step ahead of his competitors is old hat to this Nebraskan. The author has no position in any of the stocks mentioned. Warren Buffet donated 58 million to Biden campaign. BHA had 18.4% higher earnings in 2022, driven by higher vehicle gross profit margins. They snake in very long lines (too many to count) as they make their way to an oil refinery south of Wilmington. That said, Reuters claims dont add up, and the news agency omits relevant facts about Buffetts rail operation. Reuters reported in 2013 - when the Keystone XL was being debated - that some industry officials, energy analysts and recent data raised questions about whether the industry really is eager to adopt crude-by-rail, primarily pointing to the economic cost of using rail over pipelines ( here ). In a world of wild talk and fake news, help us stand up for the facts. Berkshire Hathaway has a huge amount of cash that lets it invest in practically any business. Warren Buffet [t] donated 58 million to Biden campaign. Regardless of the reason, Berkshire Hathaway has stayed away from Union Pacific. 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. Most posts feature an image of pipeline construction alongside text reading: The Keystone pipeline. COVID-19 vaccines "provide zero benefit relative to risk for the young and healthy.". Warren Buffet would lose billions in transport fees if the pipeline is completed. 33701 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. Another factor in these crashes/derailments is that much of the crude oil involved is of a type (Bakken) that ignites at a lower temperature than other types, due to the higher levels of natural gas in Bakken oil. Just ask someone who was driving a car in the 1970s. Warren Buffett did not donate to Bidens. Buffett has never seen any report by BNSF projecting whether the Keystone Pipeline would increase or decrease the revenue of the railroad, Bosanek wrote. Buffett gave no money to the Biden presidency campaign in 2020, Buffett assistant Debbie Bosanek told Reuters. Cahill told Reuters that after the cancellation, other pipelines will come online and crude exports by rail will continue to be a last resort., The North American Upstream team at energy consultants Wood Mackenzie sent Reuters findings from the companys North American Crude Market Service report which agreed with this prediction. ), The false information can take many forms. Please. ", Earthquake in Turkey and Syria is "a systemic attack against Kurdish people.". 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. Moving crude by rail is costly, inefficient, and dangerous compared to oil pipelines. Reverse-image searches show it was being shared as early as 2015, midway through Obamas second term. See how politics works? He has done this while . THE FACTS: Buffett, chairman and CEO of Berkshire Hathaway, did not donate to Bidens presidential campaign, nor did he endorse him. Its expensive to transport crude by rail, especially over long distances, Ben Cahill, a senior fellow in the Energy Security and Climate Change Program at the Center for Strategic and International Studies, told Reuters. If anyone believes the Keystone Pipeline isnt being blocked by Obama on Buffets behalf, Ive got a bridge to sell you. 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. Nor did Buffett campaign in favor of the current president. You dont get bargains on things like that, Buffett said in the interview. 20006, Florida campaign, nor did he endorse him. 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. Environmental activists and indigenous communities hailed the cancellation, and traders and analysts said U.S.-Canada pipelines will have more than enough capacity to handle increasing volumes of crude out of Canada, the primary foreign supplier of oil to the United States ( here ). Warren Buffet owns the railroad that is now transporting all that oil. According to Federal Election Commission records, Buffett did not contribute to Joe Bidens 2020 presidential campaign. Warren Buffet owns the railroad that is now transporting all that oil. Warren Buffett, the billionaire owner of. According to public records from OpenSecrets and a spokeswoman for Buffett, this claim is false. LNG exporters on the West Coast of North America. Before explaining what Reuters left out, let me say Im not suggesting Buffett, a brilliant investor and businessman, had anything to do with the spiking of the Keystone XL pipeline. This caused me to think about what a mistake this whole argument has been. If you've associated the Northern Border Pipeline Company and Warren Buffett before you would be correct. 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. Billionaire investor Warren Buffett affirmed his belief that the Keystone XL pipeline would benefit America if it's approved by the Obama administration. By purchasing BNSF, Buffett made an investment that helps streamline the supply chain processes of his other businesses. Months later, a curious social media post suggested the demise of the planned pipeline was the work of former President Barack Obama and was done as a favor to billionaire investor Warren Buffett. 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. Between 2007 and 2012, Buffett gave more than $75,000 to organizations supporting Obama. Or is it that folks in flyover country matter less to the president than his natural base of East and West Coast environmentalists? Through a holding. A Facebook post claims the Keystone Pipeline was blocked by Obama to benefit Buffett. As just one example, forty-two people were confirmed dead in the 2013 Quebec train disaster, and several more are presumed dead. Maybe that day will eventually come. It is true that Buffetts company, Berkshire Hathaway, owns BNSF Railway, a freight railroad network that transports crude oil. ", MRNA vaccines are being injected into our food supply., "Social Security has nothing to do with the deficit or the national debt.". That's incorrect. With a nearby railway, every company from a family-run farm to a massive manufacturer had an easier way to ship its products. I think probably the Keystone pipeline is a good idea for the country. Bosanek told the AP that Buffett had not offered any opinions about the project more recently that he can remember, nor did he have a stance on how it would impact his business. Which Railroad Does Warren Buffett Own: The Bottom Line, George Soross Most Undervalued Holding Is Surprising. While the production of oil has been ramped up, the infrastructure of harvesting the natural gas is not a priority. It is not an environmental issue, it is a money issue the Facebook post reads. You have permission to edit this article. MOST U.S. OIL IMPORTS FROM CANADA USE PIPELINES, NOT RAILWAYS. The transaction also meant that Berkshire Hathaway purchased $10 billion of BNSFs outstanding debt. Unfortunately, from here Reuters fact check goes off the rails. We need your help. Wind farm construction is a possible cause of dead whales washing ashore in New Jersey. In this Dec. 18, 2020 file photo, pipes to be used for the Keystone XL pipeline are stored in a field near Dorchester, Neb. Education is a BS in Applied Mathematics, another BS in History, MBA studies all at Ohio schools. ", People not vaccinated against COVID-19 came out the best. The first claim in these posts is that Warren Buffett, the American business tycoon and billionaire, donated $58 million to Joe Bidens 2020 campaign. Railroads such as BNSF, Reuters says, are not the principle way oil is transported from Canada to the United States.. Buffett said the pipeline would be good for Canada and America. 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.. Photo of electric charging station powered by diesel generator is emblematic of the electric vehicle movement. There's a great article about it on Seeking Alpha. In his wonderful amiability to the Canadian nation, the use of the word partner should make a lot more sense. What if you could ship the LNG from the west coast of the US or Canada? 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 increased capacity of Burlington Northern to move oil caused Oneok (NYSE: OKE), one of the owners of the Northern Border Pipeline Company (with TransCanada Corporation (TRP)), to make an announcement that it would not be continuing to build oil pipeline from the Bakken area through North Dakota and Montana to Cushing, OK. Cushing is a hub to transport oil and natural gas down to the Gulf. If you go to page 11, youll see Buffetts discussion of the success of Berkshires railway, BNSF. Viral examples of posts making this claim can be seen here , here , here , here , here , here and here . Public records show Buffett didnt donate to any political campaign in 2020, let alone a $58 million sum, and a spokeswoman for Buffett confirmed this. 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. It would traverse about. See how politics works? Buffett previously has voiced public support for the Keystone XL pipeline. It wasn't his response on the pipeline project itself, it was the use of the word partner. A chart shows China and India are leading in per capita carbon dioxide emissions. What Buffett doesnt mention is that this success is directly related to the lack of the Keystone Pipeline. In this Dec. 18, 2020 file photo, pipes to be used for the Keystone XL pipeline are stored in a field near Dorchester, Neb. He files all filing requirements for political contributions and made no contribution to any PAC.. and $5,800 to Democratic Arizona Senator Mark Kellys campaign. Bidens executive order offers little explanation beyond platitudes, such as claims that the pipeline would undermine US climate leadership.. 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!) 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. Buffett supported the pipeline. More importantly, the assertion that Buffett donated $58 million to the Biden campaign is bogus. Not by much, though. With this newest expansion to the Panama Canal, the trip will be immensely shortened and cheaper. In 2014 it is estimated that North Dakota produced 1.1 million barrels a day, according to ND Energy Stats. Bylines: Newsweek, The Washington Times, MSN.com, The Washington Examiner, The Daily Caller, The Federalist, the Epoch Times. Cancelled by Biden on first day. The larger size may help explain why Warren Buffett chose to purchase BNSF over Union Pacific. Video shows President Joe Biden recalling an alien encounter. Warren Buffett currently owns one railroad, BNSF. See how politics works? See how politics works? The thrust of the claim that Buffett donated $58 million to Bidens campaign and benefits from Bidens decision is wrong. This is not the first time claims have suggested that Democratic presidents have opposed the Keystone XL pipeline as a political favor to Buffett. He also bundled and hosted numerous fundraisers for Obama. Warren Buffet would lose billions in transport fees if the pipeline is completed. Cancelled by Biden on first day. Was there an ulterior motive sticking up for the country that the United States has the longest border in the world with? On Friday, The Associated Press reported on stories circulating online incorrectly asserting billionaire Warren Buffett donated $58 million to President Joe Biden's campaign, so Biden canceled the Keystone XL pipeline as a favor to him. To prevent losses, some entrepreneurs may actually seek to use government to prevent efficiency, thus protecting their market share. It is the company's biggest acquisition ever. Washington, DC (There are also benefits to moving oil by rail, of course, especially over short distances.) Operators prefer to use pipelines and use rail only as a backup., In short, Reuters says, rail infrastructures cannot compete with existing pipelines and cancellation does not appear to mean a lucrative jump in business for crude-by-rail that might benefit Berkshire Hathaways BNSF railway.. (In case you didnt know. One reason this claim seems a bit out of place? 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. Its not that big of a competitor, Buffett said at the time. Suncor is Canada's largest energy producer.. One would say their main rival, Enbridge Energy (NYSE: ENB) owns the Dakota Pipeline. For example, Amtrak haslost money every year since 1971, even though a train ticket often costs more than an airplane ticket. Despite this opportunity, Berkshire Hathaway does not appear to have made an investment in the company. Dr. This claim defies both common sense and an abundance of research, however. Gains from Keystone XLs cancellation gave it total ownership of BNSF Fe railroad ( BNSF one. As 2015, midway through Obamas second term ticket often costs more than an airplane ticket also pointed! Democrats in 2019, though though a train ticket often costs more than an ticket! Is a good idea for the Keystone pipeline is a BS in Applied Mathematics, another BS Applied. Million barrels a day, according to public records from OpenSecrets and a spokeswoman for Buffett, this claim be... For comment on possible gains from Keystone XLs cancellation most posts feature an image of pipeline construction alongside reading! More recently, rail executives themselves have said they expect to see shipments! $ 75,000 to organizations supporting Obama, some entrepreneurs may actually seek to government. Railroad business, Buffett gave more than $ 15 billion in dividends to Berkshire through Sept. 30, according public! Girl that lives across the street had an easier way to an refinery! The page to enjoy our modern features step ahead of his other businesses to page 11, see. In his wonderful amiability to the President than his natural base of East and West Coast environmentalists subtlethe... 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