U.S. Chamber for Commerce

Fri, 2012-02-03 13:00Steve Horn
Steve Horn's picture

Warren Buffett Exposed: The Oracle of Omaha and the Tar Sands

Credit: Pete Souza, Office of the President

On January 23, Bloomberg News reported Warren Buffett's Burlington Northern Santa Fe Railway (BNSF), owned by his lucrative holding company Berkshire Hathaway, stands to benefit greatly from President Barack Obama’s recent cancellation of the Keystone XL pipeline

If built, TransCanada's Keystone XL (KXL) pipeline would carry tar sands crude, or bitumen (“dilbit”) from Alberta, B.C. down to Port Arthur, Texas, where it would be sold on the global export market

If not built, as revealed recently by DeSmogBlog, the grass is not necessarily greener on the other side, and could include increased levels of ecologically hazardous gas flaring in the Bakken Shale, or else many other pipeline routes moving the prized dilbit to crucial global markets.

Rail is among the most important infrastructure options for ensuring tar sands crude still moves to key global markets, and the industry is pursuing rail actively. But transporting tar sands crude via rail is in many ways a dirtier alternative to the KXL pipeline. “Railroads too present environmental issues. Moving crude on trains produces more global warming gases than a pipeline,” explained Bloomberg.

A key mover and shaker behind the push for more rail shipments is Warren Buffett, known by some as the “Oracle of Omaha” – of “Buffett Tax” fame – and the third richest man in the world, with a net worth of $39 billion. With or without Keystone XL, Warren Buffett stands to profit enormously from multiple aspects of the Alberta Tar Sands project. He also, importantly, maintains close ties with President Barack Obama.

Fri, 2012-01-27 18:40Brendan DeMelle
Brendan DeMelle's picture

Greenpeace Calls On SEC To Investigate TransCanada’s Inflated Jobs Claims

Greenpeace USA President Phil Radford sent a formal complaint this week to the Securities and Exchange Commission (SEC) calling for an investigation into TransCanada’s use of wildly inflated jobs figures in promoting its application to build the Keystone XL tar sands pipeline. The letter asks the SEC to review the false and misleading claims made by TransCanada on a number of matters related to the pipeline. Greenpeace recieved confirmation from the SEC that the complaint had been referred to its Division of Enforcement.

Although President Obama rejected the company’s first proposal to build the Keystone XL tar sands pipeline, industry-friendly Republicans continue to push for its construction, often citing vastly inflated jobs figures. The Perryman Report commissioned by TransCanada is the source of much of the bogus pipeline jobs information. 

Despite the fact that the State Department and independent reviews definitively debunked the claims to “20,000 jobs” and even “hundreds of thousands of jobs” tied to the Keystone XL project, the lie lives on like a zombie, parroted by the echo chamber led by the U.S. Chamber of Commerce, API’s Jack Gerard, and of course Mitt Romney and the GOP.

This lie must be stopped or it will continue to contaminate the public discourse.


The Greenpeace SEC letter [PDF] states:

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