Posted on 03/06/2014 1:26:29 PM PST by SeekAndFind
The Keystone oil pipeline is good idea for the United States, Warren Buffett said Monday, even though it would take away some business from his Berkshire Hathaway rail subsidiary BNSF.
The long-delayed leg from Alberta, Canada, to Nebraska should be approved, the billionaire investor told CNBC. "I would vote 'yes,'" Buffett said in a "Squawk Box" interview, but added he has "no idea" if President Barack Obama will approve it.
"I don't believe in the Keystone pipeline because of the jobs you'd make building it. You can build anything and create jobs," he said. "I just believe it's a useful pipeline."
BNSF has benefited from transporting shale oil. Referring to the proposed pipeline, which has been opposed by environmentalists, Buffett said: "It's not that big a competitor. I think probably that the Keystone pipeline is good for the country."
(Excerpt) Read more at cnbc.com ...
Something tells me this guy belongs to George Soros’s Burnt Offerings Country Club.
Yeah. And what is he telling Obama in the corruption den? No more money for you and your cronies if you approve it, I’ll bet.
Liar; his choo choo train investment benefits and is a competitor to the pipeline NOT being built.
Same old same old... “I’m for it... but I’ll lobby against it.”
“Hey, taxes should be raised... but I’ll fight to not pay them.”
Just saying what can be said to give media morons something to quote during the discussion.
Why is Warren still rich? I thought he was very eager to give it all away to the government.
From what I’ve read, he lives a fairly low budget lifestyle.
That seals it—Obama will say no.
I assume for Omaha it’s a decent place.
But for NYC or SF its price probably wouldn’t buy a small condo.
All he wants to to bust the rungs out of the ladder beneath him.
The Keystone pipeline is designed to bring heavy crude from Alberta to the refineries in OK, LA & TX. This heavy crude is similar to what comes from Iran or Venezuala.
The BNSF is getting billions in revenue from transporting light sweet crude from ND to refineries in New Brunswick, MN and other locations. The refineries that are set up process heavy crude may not be set up to process light crude and visa versa. So in a way one type of oil does not compete with the other. Keystone will pass through ND, but it is not really being built to move that oil to its end user. What is holding up the process is the transit of the transit of the border. The inter Canadian portion is already being built. To cross the border you need US Federal approval.
Buffet realizes it will take YEARS to build this pipeline. By then the ND oil boom may be over. He knew he could not keep the pipeline from being built forever. However, by delaying it for 4-5 years his company can make $BILLIONS. I would say his plan has been a success.
UP also makes money off moving oil.
The thing is, neither have invested in extra engines etc and as a result, grain shipments, which they also make a bunch of money on, are being delayed, backed up and etc.
So it isn’t all wine and roses for the rail lines.
Just putting that out there.
I think the pipeline needs built. THe enviro nuts arguments are all invalid. Just looka t a map of all the pipelines crossing the country and you see this gian red blob in Nebraska where they all seem to intersect.
Laughable that this one pipeline causes such a ruckus.
go stroke your presidents “pipeline” and get him to have it built
Keystone would benefit America so Obama won’t approve it.
Prediction: the Obamanation will continue to obstruct construction of the Keystone Pipeline. Not claiming to be clairvoyant in making that prediction, because I don’t need to be.
Warren Buffet knows that pipelines are better for oil. Yes, you might have accidents, but you won’t have a disaster like you did when the MMA train derailed.
Oil is merely long dead dinosaurs, and they don’t hurt anything, much.
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