Stunner. Warren Buffet’s Company a Big Winner in Obama’s Keystone Decision
Investor Warren Buffett is presented with the 2010 Medal of Freedom by U.S. President Barack Obama during an East Room event at the White House February 15, 2011 in Washington, DC. Obama presented the medal, the highest honor awarded to civilians, to twelve pioneers in sports, labor, politics and arts. (February 14, 2011 – Photo by Alex Wong- Zimbio)
Warren Buffet’s Burlington Northern Santa Fe LLC will benefit greatly by Barack Obama’s decision to nix the Keystone Pipeline from Canada.
Warren Buffett’s Burlington Northern Santa Fe LLC is among U.S. and Canadian railroads that stand to benefit from the Obama administration’s decision to reject TransCanada Corp. (TRP)’s Keystone XL oil pipeline permit.
With modest expansion, railroads can handle all new oil produced in western Canada through 2030, according to an analysis of the Keystone proposal by the U.S. State Department.
“Whatever people bring to us, we’re ready to haul,” Krista York-Wooley, a spokeswoman for Burlington Northern, a unit of Buffett’s Omaha, Nebraska-based Berkshire Hathaway Inc. (BRK/A), said in an interview. If Keystone XL “doesn’t happen, we’re here to haul.”
The State Department denied TransCanada a permit on Jan. 18, saying there was not enough time to study the proposal by Feb. 21, a deadline Congress imposed on President Barack Obama. Calgary-based TransCanada has said it intends to re-apply with a route that avoids an environmentally sensitive region of Nebraska, something the Obama administration encouraged.
No wonder he supports Obama’s disastrous economic policies.