|Democrat Warren Buffet Profits from Keystone Closure|
|by Tom McGregor||Mon, Jan 23, 2012, 07:23 PM|
Big-time Democratic donor Warren Buffet, a billionaire railroad tycoon, will reap a major cash infusion after President Barack Obama canceled construction of TransCanada's oil pipeline from Alberta, Canada to the Texas' Gulf Coast.
The San Francisco Chronicle reports that, "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.'s Keystone XL oil pipeline permit."
Apparently, Mr. Buffet expanded his railroad in anticipation of Obama's decision to cancel the Keystone pipeline. Now, his railroad can supposedly handle all new oil produced in western Canada through 2030, as disclosed by an analysis of the Keystone proposal by the U.S. State Department.
Krista York-Wooley, a spokeswoman for Burlington Northern, a unit of Buffet's Omaha, Nebraska-based Berkshire Hathaway Inc., said in interview that, "whatever people bring to us, we're ready to haul … since “Keystone XL doesn't happen, we're ready to haul."
According to the San Francisco Chronicle, "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."
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