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POPSBuffett To Profit Greatly From Keystone XL Demise: Crony Capitalism Deluxe
Apparently, oil tankers coming from Brazil are better and safer than a pipeline from Canada, whose best customer we will not be if they ship their tar sands oil to China instead. Interestingly, another billionaire, Obama economic inspiration Warren Buffett, stands to benefit from the Keystone XL pipeline delay. As oil production ramps up in the Bakken fields of North Dakota, plans to use the pipeline to transport it have been dashed. As a result, North Dakota’s booming oil producers will have to rely even more on the Burlington Northern Santa Fe (BNSF) railroad, which Buffett just bought, to ship it to refineries. Buffett’s Berkshire Hathaway has agreed to buy Burlington Northern Santa Fe in a deal valuing the railroad at $34 billion. Berkshire Hathaway already owns about 22% of Burlington Northern, and will pay $100 a share in cash and stock for the rest of the company. IBD Editorial Billionaire Buffett's Bakken Boom http://bit.ly/t7UspZ
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