Did Buffett Help Obama Kill Keystone Pipeline to Reap Financial Gain?
- Posted on April 17, 2012 at 5:00pm by
Tiffany Gabbay
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This is a special report done in conjunction with GBTV. The issue was explored in detail on The Glenn Beck Program Tuesday, April 17.
As the nation’s gas prices skyrocket, critics argue that President Obama’s recent rejection of the $7 billion, “shovel-ready” Keystone XL oil pipeline, followed by his continued vow to “double down” on green energy, is a clear sign the administration plans to do little of substance in terms of American oil exploration. The move has also stirred controversy about the president’s real intentions concerning job creation and reducing pain at the pump for everyday Americans. But could there be a more sinister reason behind denying the pipeline’s requisite permits — namely, to benefit billionaire Obama-supporter Warren Buffett?
The evidence does seem to be mounting.
Background on TransCanada’s Keystone XL oil pipeline
By now, most are likely familiar with the controversy surrounding the Keystone XL oil pipeline intended to transport crude oil from Alberta, Canada all the way to Texas’ Gulf Coast. The administration rejected permits to construct the northern portion of the pipeline, allegedly on the basis of “environmental concerns,” along with a purported lack of time to investigate said issues.
Adding salt to the wound, in March, Obama visited Cushing, Oklahoma, site of the world’s largest oil storage complex, to take credit for “approving” the stretch of pipeline construction that was already underway there. While Obama used the tour to prop up his administrations’ energy policy, TransCanada actually gained approvals to build the southern stretch of its pipeline months prior to Obama’s arrival in Oklahoma, and did so through no help of the president. As Forbes pointed out, pipelines that stay within U.S. borders are not subject to presidential approval like ones running from Canada into the U.S.
Regarding the northern portion, TransCanada filed an initial application to build the 1,179-mile underground pipeline in 2008, passing two State Department reviews and in February 2010, South Dakota Public Utilities Commission (PUC) granted a permit based on a thorough work up of the project.
“There has been a great deal of work and due diligence leading up to this decision,” said South Dakota
Public Utilities Commissioner Dustin Johnson in an interview with DownStreamToday. “The record compiled in this case is pretty impressive. In the end, I feel the conditions we have placed upon this project ensure that it will be constructed in a manner that is sensitive to South Dakota and her people.”
Another Public Utilities official said he believed “the process by which this application was considered was open, thorough and fair” and Keystone openly pledged to station full-time personnel in South Dakota to respond to any emergency situations that may have arisen, according to the report.
That was apparently not enough for the White House, however, which sent TransCanada and others back to the drawing board in January 2012, citing environmental concerns.
To bypass obstacles created by special interest groups and the Environmental Protection Agency, a March 2012 amendment was introduced in the Senate that would have eliminated the need for a federal permit, while addressing environmentalists’ worries by placing more autonomy in Nebraska’s hands. After a vote, however, Democrats squashed the measure 56 to 42.
But it appears TransCanada may not be giving up just yet. According to its website, the company plans to re-apply for a Presidential Permit to be processed in an “expedited manner” by making use of ”the exhaustive record compiled over the past three plus years of regulatory review to allow for an in-service date of 2015.”
The statement continues:
TransCanada anticipates approval of the Presidential Permit application – which is required as the pipeline will cross the Canada/U.S. border – in the first quarter of 2013, after which construction will quickly begin. [...] TransCanada continues to believe in the value of Keystone XL due to the overwhelming support the project has received from American and Canadian producers and U.S. refiners who signed 17 to 18 year contracts to ship over hundreds of thousands of barrels of oil per day to meet the needs of American consumers.
Given the obstacles faced to now, TransCanada still may have a long row to hoe.
The job factor
If allowed, Keystone would have brought a reported 830,000 barrels of crude oil per day from Alberta, Canada, to U.S. outposts and refineries on the Gulf Coast. According to TransCanada, the $7 billion project would have also created some 20,000 jobs in the United States.
“These are new, real U.S. jobs,” Russ Girling, TransCanada’s president and chief executive officer, said in a statement back in January.
Girling clarified that 13,000 construction jobs would be created immediately while another 7,000 would be generated in the manufacturing sector.
TransCanada also maintained that among those positions on offer would be one for an “environmental coordinator.” While the job description was not readily available, it seems based on the title, to be the kind of “green job” engineered to oversee that the pipeline’s production was in accordance with environmental standards.
A growing rift with Canada?
TransCanada and its supporters, including Canadian Prime Minister Stephen Harper, have maintained that Keystone XL is vital to American livelihood. Yet, as The Blaze reported, in the wake of Obama’s political maneuvering, Harper deemed the U.S. an unreliable energy partner and now plans to expand his country’s crude export. The move will result in Canada eliminating the discount it once afforded the U.S. on its oil products, thus hitting drivers at the gas pump even harder.
Even longtime oilman T. Boone Pickens observed the alienation occurring between the two neighbors when he said that ”we work with the Canadians like they’re the enemy sometimes.” He added, “we tell them they can’t bring a Keystone pipeline to the United States…That’s 250 billion barrels of oil that the United States would capture for our use!”
The administration’s alleged reason for rejecting the application for the pipeline submitted by Calgary-based TransCanada was said to be based on a lack of time to study the proposal by a February 21 Congressional deadline. Yet, as we have pointed out, the pipeline was under review for no less than three years and was approved earlier. In addition, if environmental concerns were truly the catalyst for rejecting the pipeline, why then would the president seem comfortable with operating pollutant-
Warren Buffett’s Burlington Northern Railroad
What prompted the president to turn the lights out on what critics argue would have been an environmentally-sound, job-boosting, oil-producing project that would benefit the nation and preserve the financially beneficial Canadian-U.S. oil relationship? What does President Obama have to gain by rejecting Keystone XL and who else stands to benefit from his decision?
It was previously reported on The Blaze that Warren Buffett’s Burlington Northern Santa Fe LLC railroad — a unit of Buffett’s Omaha, Nebraska based Berkshire Hathaway — would be among those poised to reap sizable gains by the administration’s decision to reject TransCanada’s oil pipeline permit. Berkshire Hathaway purchased a 22% (or, $34 billion) share of the 32,000 mile line in 2009, shortly after Obama was elected.
“Whatever people bring to us, we’re ready to haul,” Krista York-Wooley, a spokeswoman for Burlington Northern told Bloomberg. If Keystone XL “doesn’t happen, we’re here to haul.”
According to the analysis, the rail option, while more expensive, would minimize environmental impact. At the same time, however, it would also worsen greenhouse gas emissions.
Below, Glenn Beck delved into the Keystone pipeline and Buffett’s railroad.
Nebraska Senator Ben Nelson
When it comes to the Keystone oil pipeline and Buffett’s Burlington Northern, all roads seem to lead to Nebraska.
GBTV uncovered a startling connection between Berkshire Hathaway’s home-state and that state’s senator, Ben Nelson, who voted against the Keystone XL and lobbied that it be re-routed to avoid Nebraska. Ironically, the Democrat’s attempts to thwart the pipeline were done while he himself maintained his state would heartily welcome the jobs created from the Keystone project. While Nelson’s position then seems counterintuitive, add to it the fact that he is heavily invested in Buffett’s Berkshire Hathaway. From 2007 to 2012 Nelson contributed $27,000 to the company itself and according to a recent financial disclosure statement from 2008, he owned between $1.5 and $6 million of the company’s stock – his largest investment in any one company to date.
The pendulum seems to swing both ways, however. Buffett’s Burlington Northern Santa Fe PAC in turn contributed $5,000 to Senator Nelson’s Nebraska Leadership PAC and Berkshire Hathaway employees have reportedly long supported the senator, contributing at least $75,550 to the Nebraska Democrat over the course of his political career according to the Center for Responsive Politics.
Not coincidentally, the Nebraska senator penned an op-ed column on March 5, 2012 entitled “Behind Those High Gas Prices.” As you can imagine, he was quick to tell Nebraskans that the spike “has nothing to do with the Keystone Pipeline” and also “isn’t a result of domestic oil production.” Below is an excerpt from Nelson’s column:
First, the rapid rise isn’t a result of domestic oil production. We’re producing more oil in the U.S. now than we have since 2003. As a matter of fact, under the previous Administration domestic production of crude declined every year, whereas since 2009 domestic production has increased every year.
Second, this has nothing to do with the Keystone Pipeline. The price of oil is set on the World Market and is impacted by a host of factors – including unrest in oil producing nations. It isn’t a simple supply and demand pricing issue.
He went on to write the U.S. has in fact demonstrated “the lowest demand for gasoline in 15 years” but the price of oil “has still gone up.”
Helping to squash the Keystone pipeline clearly won’t help matters either.
Overhauling financial regulation
Another noteworthy incident unearthed by GBTV was in Nelson’s involvement in overhauling financial regulation. Among the considerations during a tentative deal to set restrictions on trading derivatives, was a substantial provision being lobbied for by Buffett that would have buffered his company from financial blows. The WSJ adds:
The provision, sought by Berkshire and pushed by Nebraska Sen. Ben Nelson in the Senate Agriculture Committee, would largely exempt existing derivatives contracts from the proposed rules. Previously, the legislation could have allowed regulators to require that companies such as Nebraska-based Berkshire put aside large sums to cover potential losses.
The article adds that the change “thus would aid Berkshire, which has a $63 billion derivatives portfolio, according to Barclays Capital.”
As GBTV discovered, Nelson has also engaged in a series of votes, including in favor of TARP funds, that have benefited Buffett in some way.
Below, Beck explains Senator Nelson’s involvement.
A lucrative proposition
By removing the possibility of transporting oil via the Keystone pipeline, the Burlington Northern railroad has, some might argue, “conveniently” been able to fill the void, thus Senator Nelson and Berkshire Hathaway stand to reap substantial dividends. Likewise, Buffett ensured financial security and prosperity for his new railroad and will likely pay his Democratic benefactors in kind.
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Comments (222)
soybomb315
Posted on April 17, 2012 at 5:09pmthis is crony capitalism. some people on the left confuse this for free market capitalism and turn to socialism
find a republican nominee that will make decisions based on the constitution and justice rather than business interests
Report Post »lukerw
Posted on April 18, 2012 at 9:08amNO… Buffett is a SOROSite… desiring to create a Monoply on Wealth… and rule as a Benevolent Dictator using FrontMen to take blame! Pure EVIL!
Report Post »ianmc002
Posted on April 18, 2012 at 10:04amTHIS is what started the Civil War. People falsely believe it was slavery. Lincoln was spending those tax dollars rather disproportionately on his Crony Capitalist ‘buddies’ in the North.
Wake up to your Corporatocracy America.
Report Post »techengineer11
Posted on April 18, 2012 at 11:24amThere’s probably much more truth in this story then even Conservative Americans care to believe. Absolutely disgusting. The entire Nation is in such a huge mess and it really boils down to a moral problem all across the country. Unfortunately I see no hope for us because the morality of the Nation continues to slide further and further into the abyss.
Once again Rand/Ron Paul and the Constitution which they have pledged allegiance to is about the only hope left our country.
Report Post »drmer
Posted on April 18, 2012 at 11:35amGlenn told us about this connection when the pipeline was denied, even after the Gov. of Nebraska asked the administration why, since they were working on a route around the aquifer. I’m glad he has expounded on this, including the Nelson connection. Thank you Glenn, I have been telling people about this since the connection was made months ago, and they always said “not Buffett, he’s to honest.” Just like he didn’t make all that money investing in banks just before the “stimulus pkg” bailed them out to give him millions or should I say billions in profit.
Report Post »old white guy
Posted on April 18, 2012 at 2:30pmchooo chooo. the corruption in the government today surpasses anything in history. there is only one solution and it will not be found at the ballot box. courts , maybe but not likely.
Report Post »ACLUHater
Posted on April 18, 2012 at 3:34pmIs this BS even legal???
Report Post »jblaze
Posted on April 18, 2012 at 3:37pmExcellent work GB and team!!!!
Report Post »starman70
Posted on April 18, 2012 at 3:38pmSOROS, BUFFET and the rest of the UBER RICH are the true meaning of the “Spirit of the Antichrist”. They have no qualms about running over people or even entire countries in order to line their own pockets with your money. THEY ARE THE EPITOME OF EVIL! THEY ARE EVIL PERSONIFIED!
The Bible says that the “LOVE OF MONEY IS THE ROOT OF ALL EVIL” Money itself isn’t evil, only the love of it is. These people worship at the altar of money and YOU, the American people or the people of any country they run over are the SACRIFICES DEMANDED by their god (Money).
We all need to get on our knees and pray that they will someday, find JESUS CHRIST, allow him to become the LORD of their lives and repent from their evil ways It can happen, let us pray that it does.
Report Post »jblaze
Posted on April 18, 2012 at 3:38pmThanks for revealing the truth about this!
Report Post »Jan Conroy
Posted on April 19, 2012 at 12:00amI didn’t see it mentioned, but, GE also benefits. GE makes the locomotives that pull the trains. I just saw one of their commercials touting this.
Report Post »nocalifornia
Posted on April 17, 2012 at 9:17amThe rich get richer by paying off the politicians they keep in their pockets. Obummer the pocket president, has a ring to it.
Report Post »ABO 2012
CatB
Posted on April 17, 2012 at 5:51pmShould say ubber rich .. these guys Buffett, Soro’s etc .. are beyond “rich” and don’t want anyone else to become just a little rich.
Report Post »shirleyandpearl
Posted on April 17, 2012 at 9:17pmCulture of Corruption! Buffet’s money selling to the gullible that four more years of his business partner, Dear Leader, will improve the lives of the middle class……hmmmm, think NOT! So, when will this issue be broadcast on PBS, home of “America’s most trusted news source”?? Mr. Buffet, you got some splainin’ to do! This debacle alone is a reason to impeach. Let‘s hope reprehensible Bill Maher’s non existant child’s million dollar college tuition money goes to waste this Nov.
Report Post »youdidthis
Posted on April 17, 2012 at 9:16amnbuffet made huge gains on the bank bailouts…what is any difference.
hang all the sobs..
Report Post »@leftfighter
Posted on April 17, 2012 at 5:17pmBeware the Bubba Effect.
Report Post »Grumpytroll
Posted on April 17, 2012 at 9:13amIs it still leagle to hang people for treason if not we need to bring the gallows back
Report Post »and make use of it. We have a lot of polititions in this country that swore to Preserve and
Protect the Constitution we don’t need to change we need to go back to when
Protect meant Protect no change. Also take Buffet’s train until back taxes are paid.
EqualJustice
Posted on April 17, 2012 at 9:13amNOOOOO who would beleive that??? hahahhaha Just another slick move from this administration and the JOKE’S ON US!
Report Post »YOUR NOT GETTING MY GUNS
Posted on April 17, 2012 at 9:13amWhy should anything that happens in reguards to this administration and it’s dealings surprise us?
Report Post »omgfolks
Posted on April 17, 2012 at 5:29pmAnd you think the Republicans are doing anything different than lining the pockets of the rich in this country? Give me a break, both parties are full of greed mongers trying to get richer, what we need is an average man or woman with common sense in the White House, We do not need any more of the rich of richer trying to lead us with there out for me attitudes. I would not vote Obama or Romney they are both JOKES.
Report Post »JP4JOY
Posted on April 17, 2012 at 5:42pmJust a quick comment on your “handle”. Your means “of you” or “belonging to you”. You’re means“ You Are”. I just wouldn’t want you to go through life being ridiculed for a typo.
Report Post »CatB
Posted on April 17, 2012 at 5:46pmExactly .. overload the system .. and nothing surprises me. Sadly.
Report Post »mike057
Posted on April 17, 2012 at 9:12amAlways follow the money. Who benefits finacially by the pipeline not going through? Warren Buffett is in bed with Obama for money/power.
Report Post »cemerius
Posted on April 17, 2012 at 9:12amAccording to the analysis, the rail option, while more expensive, would minimize the impact to the environment including a loss of wetlands and agricultural productivity. At the same time, however, it would also worsen greenhouse gas emissions.
We ALL know how the EPA can “decide” on what is or isn’t a “wetland”!!! As for “greenhouse gasess” are you flukeing serious!?!?!
When will we finally “kill off” the Manmade Global Warming LIE???
Report Post »4blackhorses
Posted on April 18, 2012 at 8:06pmI live in Nebraska and it was my job occassionally to install pipelines. An alternate route completely avoiding the Aquifier has/is planned but Obama and state enviromentilenlists have got their butts stuck to their bureaucratic chairs. Obama’s “seal of approval” can be jammed up his presidential rear entrance as he has no say over the pipeline other than the 3 inches that crosses the Canadian/American border, the Secretary of the Interior does.
Report Post »And ever since Buffett made the statement that his secrtary paid more taxes than he did I’ve been on his case. It’s true that he owes a billion dollars in back taxes through his company Berkshire Hathaway, his company that has been fighting the paying of those taxes in litigation for the past 10 years.
Snidely
Posted on April 18, 2012 at 9:56pm4BLACKHORSES You bring up a good point and something I’ve wondered about. If Obama can only block the pipeline crossing the border, why don’t we build the pipeline to just a few miles from the border? Then Canada can build a pipeline to within a few kilometers of the border and plan to truck it across to the U.S. After January 2013, President Romney can authorize the remaining section across the border. Seems too logical. I must be missing something.
Report Post »Hiswill
Posted on April 17, 2012 at 9:12amIf you show this story to a Democrate, he/she will say the Republicans made it up.
Report Post »Follow the money.
EP46
Posted on April 17, 2012 at 9:10amThe U.S. imported twice as much oil this year from Brazil as we did last year.
Obama gave Brazil two BILLION dollars to develop its offshore oil industry, in which George Soros just happens to have a major stake, the Brazilians are selling their oil to China
At the same time he is refusing to allow drilling in the U.S. and will not permit Keystone !
Brazilian President Dilma Rousseff is a Socialist and she and obama are good friends.
Report Post »matt708
Posted on April 17, 2012 at 9:10amthis is just the tip of the iceberg, what are we going to do about it. when all these things come to light we just sit there and say wait. the time for waiting is done. lets force our Government reps to act ot throw them out of office. we can recall anybody at any time, they need to remember that
Report Post »starman70
Posted on April 18, 2012 at 3:03pmThe answer is simple! Elect all new Senators and Representatives in 2012 and subsequent elections. Institute TERM LIMITS for the entire congress!
REMEMBER: THEY WORK FOR US, WE DON’T WORK FOR THEM!
Report Post »contkmi
Posted on April 17, 2012 at 9:09amBuffet is a powerhouse. Never have liked him but, just like Soros, he knows how to manipulate things for his benefit. He has intuited that Obama is a political, business and intellectual lightweight and used it to his advantage. Sad, really, that we have elected someone so vulnerable.
Report Post »lukerw
Posted on April 17, 2012 at 5:11pmObama allows himself to be used… to his own advantage… of destroying Capitalism & America. Do not be Naive!
Report Post »CatB
Posted on April 17, 2012 at 5:55pmI agree LUKERW … he is destroying the country with the help of these vile creatures .. like Buffett and Soros. But in the end .. he is responsible for what is happening in this country now .. and not these billionaires or Bush.
Report Post »SpankDaMonkey
Posted on April 17, 2012 at 9:07am.
Report Post »I hear Obama and Buffett play hide the train in the Lincoln Bedroom……Toot, Toot!!!!!
Sirfoldallot
Posted on April 17, 2012 at 5:44pmThats funny, lol.
Report Post »spirited
Posted on April 17, 2012 at 9:07amOh, thank goodness that Barack Obama brought the change WE hoped for.
Phew!
–No more “Washington politics as ususal”.
–No more “smoke-filled back-room deals”.
>When did Barack kick his cigarette habit?
Report Post »cemerius
Posted on April 17, 2012 at 9:05amObama to Buffet – Yeah, let me use your name for a so-called “Buffet Bill” and I will promise that you can continue to transport oil via your railroad and MAKE billions more!!!! “ha ha ha ha Americans are so STUPID ha ha ha and I am the coolest caucasion-african-arab- black man on earth!!!”
Report Post »cal_105
Posted on April 17, 2012 at 9:05amIt will be only “fair” that he share this windfall with George Soros, under the principles of crony capitalism/socialist as expounded by Obama and surrogates. .
Report Post »RamonPreston
Posted on April 17, 2012 at 9:03amMoney…everything is about money. It’s not about right and wrong, saving the earth or anything else.They will literally kill you to make a profit.
Report Post »kentuckypatriot
Posted on April 17, 2012 at 9:02amIt’s time for these politicians and billionaires to think of us normal folks for a change rather than for their own personal gain. Obviously, them and ppl like them really gives a rat’s behind how much gas cost because they can afford it. Talk about arrogance.
Report Post »RightUnite
Posted on April 17, 2012 at 9:06amHeheheheh!! That’s pretty funny!! You don‘t honestly think that’ll ever happen, do you?
Report Post »Seede
Posted on April 17, 2012 at 9:01amCommon sense tells me that with the snake Ben Nelson at the helm and in the pocket of Buffett and both being in the pocket of the commie Nimrod, what else could you expect. All of them are part of what is wrong with this country. The entire DC Gang must be exterminated in order to rebuild this Republic. No other way possible.
Report Post »Snowleopard {gallery of cat folks}
Posted on April 17, 2012 at 9:01amLets see, Buffett – cronie of Mr Obama’s, will make massive profits from the death of the Keystone pipeline – so yes he helped end it.
Report Post »urn
Posted on April 17, 2012 at 9:00amSame sh*t different day,they are all bought and payed for.Pis*es me right off.
Report Post »VinnieSquawker
Posted on April 17, 2012 at 9:00amAs head of Berkshire, it is Buffett’s job to make money. However, engaging in crony capitalism, as he clearly has, is an immoral choice and goes against the grain of pure capitalism. The man has shamed himself grievously. I hope he will soon go away. I used to look up to this man as a wise investor, but ever since the rise of ‘the kid’ he has shown himself to be willfully disingenuous on so many levels and has thrown principle right out the window. For shame, sir, for shame.
Report Post »EqualJustice
Posted on April 17, 2012 at 9:15amHow about Mr. “RULE” pay his one billion in BACK TAXES? Now he’s “making a deal” with the IRS to pay a percentage of what he owes? Come on.
Report Post »connie b
Posted on April 17, 2012 at 8:52amThis is State Capitalism at his simplest: Support the government, government creates regulations that ultimately will benefit you. Libs should stop blaming pure capitalism for all our financial woes; this kind of thing is what throws a monkey wrench into the economic works.
Report Post »HaroldHeard
Posted on April 17, 2012 at 8:45amYes he did; his investment in freight trains is at risk and loosing billions and loosing is just not in his plan.
Report Post »kickagrandma
Posted on April 17, 2012 at 8:40amDoes warrenbuffet live for more money???
I would answer, “Yes!” to both your question and mine.
“The LOVE of money is the root of all evil.”
Report Post »johnjamison
Posted on April 17, 2012 at 8:45amWho is John Galt?
Report Post »Damn if this story doesn’t reek of the same cronie capitalism/pay to play socialism of the new atlas shrugged movie.