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(CNN)   Warren Buffet invests $524 million in a Canadian oil sands producer, which means the XL Keystone pipeline extention will now get greenlit faster than a Florida tagged story on Fark   (money.cnn.com) divider line 24
    More: Obvious, Keystone Pipeline, Warren Buffett, Canadians, Fark, Berkshire Hathaway, SunCor, oil sands, Securities and Exchange Commission  
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639 clicks; posted to Business » on 15 Aug 2013 at 6:25 PM (49 weeks ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



24 Comments   (+0 »)
   
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2013-08-15 05:50:07 PM
Why would the man who owns a railroad that is currently transporting huge amounts of oil want direct competition?
 
2013-08-15 05:56:58 PM
The Canadian oil sands pipeline into the US is only at 50% capacity.  All that sweet sweet oil is already flowing into the USA very nicely.

The problem is it is consumed in the US, and therefore taxed accordingly.  But if we build the Keystone XL pipeline, that oil can be exported out of the US tax free instead.  We get less oil, the Feds get less tax revenue, and the oil companies laugh all the way to the bank.  Win-win.
 
2013-08-15 06:31:42 PM
My dad was laid off from Suncor 25 years ago.

/the more you know
 
2013-08-15 06:40:59 PM
It's Buffett with two Ts!

/That is all.
 
2013-08-15 06:46:26 PM
I see that submitter has no clue of what they speak and this was covered in the boobies.

/I'm not needed here
 
2013-08-15 06:47:13 PM

brokenhandle: Why would the man who owns a railroad that is currently transporting huge amounts of oil want direct competition?


Because it doesn't fit subby's worldview.
 
2013-08-15 07:07:36 PM
Now the Total Fark left will be in favor of the pipeline?  Or do they need to wait until either 1)Obama or 2) Jon Stewart is?
 
2013-08-15 07:15:49 PM

Catsaregreen: It's Buffett with two Ts!

/That is all.


Yeah, subs needs to extent his name.
 
2013-08-15 07:34:40 PM

Marcus Aurelius: The Canadian oil sands pipeline into the US is only at 50% capacity.  All that sweet sweet oil is already flowing into the USA very nicely.

The problem is it is consumed in the US, and therefore taxed accordingly.  But if we build the Keystone XL pipeline, that oil can be exported out of the US tax free instead.  We get less oil, the Feds get less tax revenue, and the oil companies laugh all the way to the bank.  Win-win.


But freedom and Jesus, what don't you stupid libs understand about that?
 
2013-08-15 07:44:28 PM

Nemo's Brother: Now the Total Fark left will be in favor of the pipeline?  Or do they need to wait until either 1)Obama or 2) Jon Stewart is?


Sorry Asshat. There's not an entire bandwidth of radio dedicated to dictating what I have to think. I like most people make up my own mind. Now, go back to double fisting yourself to Bill O'Reilly and whatever nut case is on your local AM facist station.
 
2013-08-15 07:51:34 PM
I think you probably have that backwards tardmitter. He got some inside info that the pipeline was going through sooner rather than later and bought accordingly.
 
2013-08-15 07:52:46 PM

Nemo's Brother: Now the Total Fark left will be in favor of the pipeline?  Or do they need to wait until either 1)Obama or 2) Jon Stewart is?


Don't you ever get tired of looking stupid?
 
2013-08-15 07:56:56 PM

Marcus Aurelius: The Canadian oil sands pipeline into the US is only at 50% capacity.  All that sweet sweet oil is already flowing into the USA very nicely.

The problem is it is consumed in the US, and therefore taxed accordingly.  But if we build the Keystone XL pipeline, that oil can be exported out of the US tax free instead.  We get less oil, the Feds get less tax revenue, and the oil companies laugh all the way to the bank.  Win-win.


But it will create some temporary construction jobs so it's a win for 'Murica.
 
2013-08-15 08:00:32 PM
But wait, people on the left arent supposed to be shrewd market players!
 
2013-08-15 08:02:54 PM
Buttttt, Prime Minister sweatervest just announced the East/West pipeline

/Subjected to EPA approval and trying to make the pipe 100% mosquito proof in the Manitoba stretch.
//EPA in Canada is some guy who is told what to black out on forms that threaten Harpers investments in dirty oil and fish farm disease.
 
2013-08-15 08:23:48 PM

Marcus Aurelius: The Canadian oil sands pipeline into the US is only at 50% capacity.  All that sweet sweet oil is already flowing into the USA very nicely.

The problem is it is consumed in the US, and therefore taxed accordingly.  But if we build the Keystone XL pipeline, that oil can be exported out of the US tax free instead.  We get less oil, the Feds get less tax revenue, and the oil companies laugh all the way to the bank.  Win-win.


The Midwest deserves higher gas prices anyway.
 
2013-08-15 09:24:18 PM
It was said that one of the reasons for the hold-up in the Keystone pipeline was Buffett's ownership of Burlington Northern Railroad, a major competitor to the pipeline for transporting oil.  So maybe now Buffett is hedging his bets or perhaps this is a payoff for his support of the pipeline.
 
2013-08-15 09:25:09 PM
Buffett has been known to be wrong from time to time. He usually bets on the long term fundamentals of an industry or business. In this case, you know that the oil is going to go somewhere, someday. Perhaps not right now.

His investments in railroads were quite extensive. He thinks the industry is likely to do well. Perhaps there will be more high-speed passenger trains as airlines become less popular, more costly and as carbon taxes eventually become acceptable alternatives to doing nothing and whack-a-toon high risk and high cost alternatives to pricing.

Note that T. Boone Pickens, the oil man, has invested a lot of money in wind farms and such. I think he is looking ahead also rather than merely playing politics.

After all Warren Buffett is anathema to conservatives for his support of Democrats and some fairly liberal ideas (such as higher taxes for billionaires and lower taxes for people like those he employs). And Pickens is a fairly conservative Texan. For them to pursue investments that run contrary to political conventional wisdom suggests that they have figured out where politcial conventional wisdom is wrong or likely to change.

Obama won't be President in 2017. The fossil fuel money can't hold off their new energy rivals for ever with political BS and money. The price of all the new energy sources is still falling and will fall for decades to come. Electricity companies can force the homeowners who generate their own "green" power to pay through the nose now, but not forever. There will soon be too many of them for political sabotage. The monopolies will fall.
 
2013-08-15 10:11:20 PM
Oh boy, higher gas prices coming my way!

/As he types this from the Midwest
//We already get tar sands oil from Alberta, it wouldn't add more to our supply and instead move the supply we currently have to Texas where only God knows where it will ultimately end up
 
2013-08-15 11:12:46 PM

Nemo's Brother: Now the Total Fark left will be in favor of the pipeline?  Or do they need to wait until either 1)Obama or 2) Jon Stewart is?


No, because the XL is bad for America, which is why the right nut rides it every day.
 
2013-08-16 06:47:22 AM

bgilmore5: Nemo's Brother: Now the Total Fark left will be in favor of the pipeline?  Or do they need to wait until either 1)Obama or 2) Jon Stewart is?

Sorry Asshat. There's not an entire bandwidth of radio dedicated to dictating what I have to think. I like most people make up my own mind. Now, go back to double fisting yourself to Bill O'Reilly and whatever nut case is on your local AM facist station.


7/10

Anybody who works in "Facist" gets extra points.
 
2013-08-16 01:10:42 PM
The Wizard of Omaha is famous for outperforming Wall Street (BRK-A, the blue line, is Buffet's investment company). However, since the 2008 crash... not so much. It could be argued that the Wizard has his old magic back... but only if you assume it happened in the last 8 months or so.

If I did no better than a monkey throwing darts for five years, I'm not sure anyone would line up to hear my sage advice. I mean, that's beyond "long-range thinking" in the market - he missed the coming 2008 crash like just about everyone else did, so clearly he wasn't seeing that far ahead. And his reputation is so great he's still considered a genius. An old, old genius, who might retire at any moment, has already transitioned decision-making partly to a team, and has indicated potential replacements JIC.

The moral of this story? There isn't one, except that for five farking years Buffet's picks really haven't differed in performance very much from a farking DOW-tracking mutual fund.
 
2013-08-17 12:03:04 AM

Mrtraveler01: Oh boy, higher gas prices coming my way!

/As he types this from the Midwest
//We already get tar sands oil from Alberta, it wouldn't add more to our supply and instead move the supply we currently have to Texas where only God knows where it will ultimately end up


I always find this argument entertaining, it's like people in the Midwest feel entitled to artificially low gas prices.
 
2013-08-17 07:48:27 AM

ScaryBottles: I think you probably have that backwards tardmitter. He got some inside info that the pipeline was going through sooner rather than later and bought accordingly.


That would be a much better way to spin this story.
 
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