Buffett gave no money to the Biden presidency campaign in 2020, Buffett assistant Debbie Bosanek told Reuters. Its not clear where the $58 million figure in the claim originated. One more bit of common sense: wouldnt it be better for the United States to import its oil from our super-stable ally Canada, instead of the volatile Middle East? Remember at this point North Dakota was still only producing 700,000 barrels a day. Essentially, improved efficiency is good for consumers and for an economy as a whole, but it can be harmful to less efficient competitors. Correction Feb. 3, 2021: Removing reference to Energy Information Administration / Department of Energy in paragraph 15, the data is from BTS. Buffett did not endorse Mr. Biden, but both he and his wife voted for Mr. Biden, Bosanek told the AP in an email. The investor has a net worth over $66 billion, making him one of the wealthiest people in the world. And the derailment on Dec. 30 in North Dakota that spilled 475,000 gallons of oil. Warren Buffetts company Berkshire Hathaway purchased 77.4% of BNSF shares for $100 each on November 2, 2009. Railroads such as BNSF owned by Buffett ( here ), however, are not the principle way oil is transported from Canada to the United States. 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. 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 ). According to Federal Election Commission records, Buffett did not contribute to Joe Bidens 2020 presidential campaign. 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 . It is not an environmental issue, it is a money issue the Facebook post reads. It would traverse about. 801 3rd St. S 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. 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.. District of Columbia The Trump administration backed the project in the face of objections from environmental groups. Industry experts are quoted, and they note the inefficiencies of transporting oil via rail. Sorry, there are no recent results for popular articles. And perhaps thats the answer. In 2014 it is estimated that North Dakota produced 1.1 million barrels a day, according to ND Energy Stats. This brings me to natural gas. stated on February 4, 2023 in an Instagram post. for natural gas have exacerbated this problem. Is this happening to you frequently? It's also incredibly lucrative. ", The post was flagged as part of Facebooks efforts to combat false news and misinformation on its News Feed. 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 ). Moving crude by rail is costly, inefficient, and dangerous compared to oil pipelines. 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. Its not that big of a competitor, Buffett said at the time. So far, Warren Buffett and Berkshire Hathaway have not chosen to purchase Union Pacific. "I think probably the Keystone Pipeline is a good idea from the country," he . Forty-two people were confirmed dead in the 2013 Quebec train disaster, and several more are presumed dead. . Buffett says that heconsiders buying BNSF anall-in wager on the economic future of the United States.. Why not ally? 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 ). But the posts main thesis, that the Berkshire Hathaway CEO was a major donor to Bidens campaign, is not true. Warren Buffett donated 58 million to Biden campaign. See how politics works? Berkshire Hathaway already owned 22.6% of the company, so the acquisition gave it total ownership of BNSF. Texas Roadhouse is sending vouchers for a free steak dinner for four to everyone who shares and comments on a Facebook post. We need your help. Because of this, operators prefer to use pipelines and use rail only as a backup.. 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. Having a train station in town helped locals access the goods they needed. The author has no business relationship with any company whose stock is mentioned in this article. 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. Warren Buffett, the billionaire owner of. The Keystone XL Pipeline has been blocked multiple times for climate, economic, and perceived national-interest reasons. Buffett doesnt believe in short-term investment strategies that can lead to quick profits. 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. Biden cited economic and environmental reasons for signing an executive order that effectively halts construction of the pipeline. 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. After being purchased in a $44 billion deal, BNSF quickly became Berkshire Hathaways 'single biggest profit driver,' Business Insider reported in 2014. Warren Buffet owns the railroad that is now transporting all that oil. In short, rail infrastructures cannot compete with existing pipelines to transport oil at the rate the United States does. Buffett has never seen any report by BNSF projecting whether the Keystone Pipeline would increase or decrease the revenue of the railroad, Bosanek wrote. 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. Ugur Sahin, CEO of BioNTech and inventor of the BIO N TECH Pfizer jab, refuses to take the jab for safety reasons.. Warren Buffett bought BNSF because he believes that railways play a crucial role in the success of Americas economy. 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. "In the last 2 election cycles," the image reads, "Buffet gave extensively to Democrat causes and candidates. Federal Election Commission records show that Buffett made no individual contributions in 2020. The survey found that 65 percent of Americans support building the Keystone 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. 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. It is true that Buffetts company, Berkshire Hathaway, owns BNSF Railway, a freight railroad network that transports crude oil. 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. Cashing in on our political climate and being one step ahead of his competitors is old hat to this Nebraskan. Buffett gave no money to the Biden presidency campaign in 2020. Buoyed by an onshore oil boom, Burlington Northern Sante Fe has become a cash machine for Mr. Buffett, the news outlet reported. But one reason, perhaps, is that the pipeline was spiked because of its low cost and efficiency. 727-821-9494. stated on October 27, 2021 in post on Facebook: Keystone Pipeline was blocked by Obama on Warren Buffetts behalf. The larger size may help explain why Warren Buffett chose to purchase BNSF over Union Pacific. So why all the fuss about the pipeline from Canada? 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. Warren Buffet owns the railroad that is now transporting all that oil. Through a holding. APS ASSESSMENT: False. Nevertheless, it was shared enough that it captured the attention of Reuters, who fact-checked the meme. But the truth is, Buffett did get a bargain (at least in hindsight). 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. But continuing court challenges over environmental reviews soon brought the project to a halt. Months later, in an interview with Charlie Rose, the sage of Omaha admitted the price tag was steep. 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. Buffett did contribute to Obamas presidential campaigns. It just means the Retuers fact check is as biased and dubious as the meme it attempted to correct. 20006, Florida All rights reserved. COVID-19 vaccines "provide zero benefit relative to risk for the young and healthy.". 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!) It is true that Buffett's company, Berkshire Hathaway, owns BNSF Railway, a freight railroad network that transports crude oil. Buffett, in fact, supported its construction. 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). 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. In his wonderful amiability to the Canadian nation, the use of the word partner should make a lot more sense. Without the Keystone Pipeline, were enduring events such as last Julys tank car explosion that killed 47 people and leveled a small town in Quebec. Obama Crony Warren Buffet Biggest Winner From Keystone Pipeline Rejection Results 1 to 2 of 2 Thread: Obama Crony Warren Buffet Biggest Winner From Keystone Pipeline Rejection Of its low cost and efficiency risk for the young and healthy. `` think probably Keystone. 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