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. Why not ally? These vehicle margins peaked in the first half of 2022 and declined in the second half. 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. 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.. 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. 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. Ugur Sahin, CEO of BioNTech and inventor of the BIO N TECH Pfizer jab, refuses to take the jab for safety reasons.. 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. 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. 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 previously has voiced public support for the Keystone XL pipeline. Warren Buffet would lose billions in transport fees if the pipeline is completed. Warren Buffett did not donate to Bidens presidential campaign, nor did he endorse him. Buffett has been reaping the benefits of the Keystone pipeline not being built because of his railroad shipping oil from the Bakken oil fields. 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.. The posts say Buffett's railroad "is now transporting all that oil" following the Keystone XL Pipeline's cancellation. It boils down to this. Or perhaps anti-trust laws would restrict Berkshire from controlling so much of Americas railroads. Buffett, in fact, supported its construction. District of Columbia Berkshire Hathaway has a huge amount of cash that lets it invest in practically any business. 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 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. ", Earthquake in Turkey and Syria is "a systemic attack against Kurdish people.". 1800 I Street NW Cancelled by Biden on first day. Forty-two people were confirmed dead in the 2013 Quebec train disaster, and several more are presumed dead. Through a holding. It is true that Buffetts company, Berkshire Hathaway, owns BNSF Railway, a freight railroad network that transports crude oil. In the past few years, Buffett expressed support for the pipeline. 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. 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. 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 When Financhill publishes its #1 stock, listen up. 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. More importantly, the assertion that Buffett donated $58 million to the Biden campaign is bogus. Railroads continue to help the country thrive. Born and raised in Northeast Ohio. It is not an environmental issue, it is a money issue ET. 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. "Unusual cancers are exploding right into stage 4" and those cancer cells have the spike protein. Canada is the primary supplier of foreign oil to the United States. Railway stations helped companies decide where to build factories. So far, Warren Buffett and Berkshire Hathaway have not chosen to purchase Union Pacific. But rail-car supplies can expand . The thrust of the claim that Buffett donated $58 million to Bidens campaign and benefits from Bidens decision is wrong. Despite this opportunity, Berkshire Hathaway does not appear to have made an investment in the company. The 1,700-mile pipeline was planned to carry roughly 800,000 barrels of oil a day from Alberta to the Texas Gulf Coast. Essentially, improved efficiency is good for consumers and for an economy as a whole, but it can be harmful to less efficient competitors. Our Standards: The Thomson Reuters Trust Principles. 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. 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. Why are we importing the oil from Canada to be refined here? The author wrote this article themselves, and it expresses their own opinions. 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.. 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. The survey found that 65 percent of Americans support building the Keystone pipeline. Mr. The author has no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. tanker cars. The author has no position in any of the stocks mentioned. Im not an engineer, but plain common sense indicates it would be safer to ship Bakken oil through a smooth pipeline instead of by rail. 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. 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.. 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. As weve seen, rail shipments involve possible derailments, accidents and opportunities for ignition-causing friction. Buffett didnt make any contributions to Bidens 2020 presidential campaign. 33701 Why would anyone spike an oil pipeline capable of transporting more than 300 million barrels of crude a year when moving oil by pipeline is cheaper, safer, and more environmentally friendly than moving it by rail? As Reuters notes, the post is referring to the Keystone XL Pipeline, a project Biden canceled by executive order on his first day in office. In a world of wild talk and fake news, help us stand up for the facts. 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. Biden halted the Keystone XL Pipeline on his first day in office through executive order, citing his administrations economic and climate interests. 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 ). Reverse-image searches show it was being shared as early as 2015, midway through Obamas second term. 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. Is this happening to you frequently? Its trains carry energy (such as oil and coal), agricultural and consumer products. The posts say Buffetts railroad is now transporting all that oil following the Keystone XL Pipelines cancellation. 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! Biden cancellation of Keystone XL pipeline was not a favor to Warren Buffet. St. Petersburg, FL Not by much, though. Please, enable JavaScript and reload the page to enjoy our modern features. Berkshire Hathaway already owned 22.6% of the company, so the acquisition gave it total ownership of BNSF. Veritone vs C3.AI: Which Is Better AI Stock. 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. It is not an environmental issue, it is a money issue the Facebook post reads. That 65 percent includes 51 percent of Democrats, a slim majority, but significant considering the Democrat party has a powerful environmentalist faction. Oh yeah. Which Railroad Does Warren Buffett Own? Its not clear where the $58 million figure in the claim originated. District of Columbia The Canadian Prime Minister, Justin Trudeau, had a rocky relationship with President Trump. Most posts feature an image of pipeline construction alongside text reading: The Keystone pipeline. Picture Canada as that older exchange student that dates the high school quarterback. 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. Its not an environmental issue, it is a money issue. Buoyed by an onshore oil boom, Burlington Northern Sante Fe has become a cash machine for Mr. Buffett, the news outlet reported. Warren Buffett owns the railroad that is now transporting all that oil. Warren Buffet donated 58 million to Biden campaign. (As the video below shows, suppliers are willing to pay higher short term costs for greater shipping flexibility. LNG exporters on the West Coast of North America. They claim that railways owned by Buffett now stand to benefit from transporting the oil that the Keystone XL Pipeline would have carried. It is the company's biggest acquisition ever. As a bit of history, Buffett purchased BNSF in a $44 billion deal in 2009. Federal Election Commission records show that Buffett made no individual contributions in 2020. Read more about our work to fact-check social media posts here . Because of this, operators prefer to use pipelines and use rail only as a backup.. , even though a train ticket often costs more than an airplane ticket. For starters, it doesnt even spell Buffetts name correctly. Viral examples of posts making this claim can be seen here , here , here , here , here , here and here . This brings me to natural gas. It is not an environmental issue, it is a money issue. Nor did the article discuss the adverse impact of shipping oil by rail. It would have carried up to 830,000 barrels per day of crude oil from Alberta, Canada, to. Bylines: Newsweek, The Washington Times, MSN.com, The Washington Examiner, The Daily Caller, The Federalist, the Epoch Times. There have been rumors for years that Warren Buffett would buy Union Pacific. (Read more about our partnership with Facebook.). 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. The transaction also meant that Berkshire Hathaway purchased $10 billion of BNSFs outstanding debt. All rights reserved. Buffett,chairman and CEO of Berkshire Hathaway, 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. Railroads played a crucial role in Americas development. "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 Buffett, the billionaire owner of Berkshire Hathaway and one of the most successful investors alive, owns BNSF Railway Company. Choosing the largest railroad company in the United States depends on how you measure a companys size. It's turned into an evolving political litmus test, and that is a shame. Warren Buffetts company Berkshire Hathaway purchased 77.4% of BNSF shares for $100 each on November 2, 2009. 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. 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. 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. Did you think Buffett would buy those cars himself because he loves protecting little bunny rabbits? 'Buoyed by an onshore oil boom, Burlington Northern Sante Fe has become a cash machine for Mr. Buffett,' Investment News reported in 2015. 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. here ). 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.. Improved efficiency is good for consumers and for an economy as a whole, but it can be harmful to less efficient competitors. At the time, Obama did reject a permit for Keystone XL, arguing in his Nov. 6, 2015, statement that the pipeline would not lower gas prices, increase the nations energy security or make a meaningful long-term contribution to the U.S. economy. 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). Then again, he could have preferred BNSF because of its lower purchase price. Scholars at Carnegie Mellon University and the University of Pittsburgh also found that locomotive transport causes twice as much pollution as pipelines. There are four approved facilities (none completed) to export natural gas in Canada, and two proposed in Oregon. 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. By purchasing BNSF, Berkshire Hathaway got a longer railway at less than half the price of Union Pacific. A historic look (1982-2018) at the transportation prevalence of pipelines, marine vessels, rail and truck for oil transport is visible here . 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. 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. As president, Obama rejected a permit for the pipeline, arguing that the project would not lower gas prices or increase the nations energy security. Warren Buffet owns the railroad that is now transporting all that oil. Buffett gave no money to the Biden presidency campaign in 2020. Maybe its the fake Robin Williams quote your aunt shared on Facebook. Dr. Oil transport had a lot to do with, Investment News reported in 2015. The Trump administration backed the project in the face of objections from environmental groups. In just a few short years BNSF had become Berkshire Hathaways single biggest profit driver, Business Insider reported. Video shows President Joe Biden recalling an alien encounter. Washington, DC If you have an ad-blocker enabled you may be blocked from proceeding. Warren Buffett donated 58 million to Biden campaign. Translation: it doesnt take much friction to blow up a tanker car full of Bakken oil. President Barack Obama's decision to withhold approval of the Keystone XL pipeline will hugely benefit one of his largest supporters - Warren Buffett. Taiwan Belongs To Taiwanese With Or Without US Support? 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. Warren Buffet owns the railroad that is now transporting all that oil. See how politics works? 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. 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. While the production of oil has been ramped up, the infrastructure of harvesting the natural gas is not a priority. Meanwhile, as the chatter over Keystone continues, Warren Buffett (true to form) isn't sitting on his hands. Even in May 2020, when much of the economy struggled with the COVID-19 pandemic, So far, Warren Buffett and Berkshire Hathaway have not chosen to purchase, There have been rumors for years that Warren Buffett would buy. Sorry, there are no recent results for popular collections. He did not contribute to Joe Bidens 2020 campaign. However, Reuters argues that Berkshire Hathaway does not stand to benefit from the demise of the Keystone XL. The U.S. is also still poised to import record amounts of Canadian oil in the coming years, and several of the lines carrying that crude are in the midst of expansions (more detail on these in a Reuters report here ). 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. With this newest expansion to the Panama Canal, the trip will be immensely shortened and cheaper. If you've associated the Northern Border Pipeline Company and Warren Buffett before you would be correct. That's incorrect. 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.

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