Petro-Canada

Fri, 2013-08-16 10:51Steve Horn
Steve Horn's picture

Warren Buffett Buys Over $500 Million of Suncor Tar Sands Stock, Latest in "Dirty Deeds Done Dirt Cheap"

Warren Buffett - the fourth richest man on the planet and major campaign contributor to President Barack Obama in 2008 and 2012 - may soon get a whole lot richer.

That's because he just bought over half a billion bucks worth of Suncor Energy stock: $524 million in the second quarter of 2013, to be precise, according to Securities and Exchange Commission filings. Suncor is a major producer and marketer of tar sands via its wholly owned subsidiary Petro-Canada (formerly Sunoco) and this latest development follows a trend of Buffett enriching himself through dirty investments and deal-making. 

So far in 2013, Suncor (formerly Sun Oil Company) has produced 328,000 barrels per day of tar sands crude.

Though he receives far less negative press than the Koch Brothers, Buffett's no deep green ecologist. Not in the slightest. 

Referred to as one of 17 “Climate Killers” by Rolling Stone's Tim Dickinson in a January 2010 story, Buffett owns the behemoth holding company, Berkshire Hathway. It's through Berkshire that he's making a killing - while simultaneously killing the ecosystem - through one of its most profitable wholly-owned assets: Burlington Northern Santa Fe (BNSF).

Buffett purchased BNSF for $26 billion and was “the largest acquisition of Buffett's storied career,” Dickinson wrote.

BNSF hauls around frac sand for the controversial horizontal oil and gas drilling process known as “fracking.” The rail company also moves fracked oil from North Dakota's Bakken Shale basin, tar sands logistical equipment and tar sands crude itself and tons of coal. And not only does Buffett's BNSF haul around ungodly amounts of coal, he actually owns coal-burning utility companies, too.

Tue, 2012-02-14 01:36Carol Linnitt
Carol Linnitt's picture

Unethical Oil: Why Is Canada Killing Wolves and Muzzling Scientists To Protect Tar Sands Interests?

In the latest and perhaps most astonishing display of the tar sands industry’s attacks on science and our democracy, the government of Alberta has made plans to initiate a large-scale wolf slaughter to provide cover for the destruction wrought by the industrialization of the boreal forest ecosystem.

In the coming years, an anticipated 6,000 wolves will be gunned down from helicopters above, or killed by poison strychnine bait planted deep in the forest. Biologists and other experts say the cull is misguided, and that their studies have been ignored or suppressed. Worse, they warn that although the government is framing the wolf cull as a temporary measure, it has no foreseeable end.

The Alberta government has already initiated the wolf cull in regions of Alberta heavily affected by industrial development. In the Little Smoky region, an area heavily affected by the forestry, oil and gas industries and just a few hundred kilometeres away from the tar sands region, a broad wolf cull has already begun, claiming the lives of more than 500 wolves.

Recently the Alberta government proposed a plan to open this brutal form of 'wildlife management' to other regions, suggesting an extensive and costly cull in place of more responsible industrial development.

This is clear evidence of the fact that Alberta’s tar sands oil is unquestionably conflict oil, despite the propaganda spouted by the “ethical oil” deception campaign. Aside from its disruptive affects on wildlife, tar sands oil is dirty, carbon intensive and energy inefficient from cradle to grave.

And that’s without mentioning the role the tar sands boom has played in Canada’s slide from climate leader to key villain on the international stage. Beyond its environmental consequences, tar sands extraction has negatively affected local tourism and recreation-based economies, impacted public health and torn at the rich fabric of cultural diversity and pride among Albertans and all Canadians. 

Behind the Harper administration’s unbounded drive to drown Canada’s reputation in tar sands oil pollution lies the political corruption characteristic of the classic petro-state. Free speech is being oppressed, while respected members of the scientific community claim they are being muzzled, ignored and intimidated.

  

Conservation and environmental groups are being falsely attacked as ‘radical ideologues' and 'saboteurs'. Neighbors are pitted against each other while important decisions about the future prosperity of all Canadians are rigged to favor the interests of multinational oil companies and foreign investors.

  

The wolf cull is ostensibly designed to protect northern Alberta’s woodland caribou, a species that in recent years has become critically threatened. But scientists have ridiculed the plan, saying this sort of ‘wildlife management’ turns the wolf into an innocent scapegoat, while the real culprit – the province’s aggressive timber, oil and gas development – is spared any real scrutiny or accountability.

  

According to this strategy, caribou and wolf alike fall prey to another kind of predator: multinational corporations.

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