Oil Trains Derail as President Obama tries to Enrich his Rich Billionaire Friends

Posted by PITHOCRATES - January 4th, 2014

Week in Review

If there are two things President Obama doesn’t like they are rich people and oil.  Well, at least he acts that way.  Espousing more concern for the working man.  And clean energy.  Which is why President Obama said “no” to the Keystone XL pipeline.  Or could there have been another reason (see BNSF opens North Dakota track as oil by rail faces more scrutiny by Nicholas Sakelaris posted 1/2/2014 on the Dallas Business Journal)?

Burlington Northern Santa Fe re-opened the double track Thursday morning outside Casselton, N.D., where an oil train collided with a grain train, causing a massive fireball-like explosion earlier this week…

Fort Worth-based BNSF hauls an estimated 750,000 barrels of crude oil per day. The railroad carried an estimated 100 million barrels of crude oil out of the Bakken in 2012, a massive increase from previous years.

You know who owns Burlington Northern Santa Fe (BNSF)?  Warren Buffett.  For BNSF is a wholly owned subsidiary of Berkshire Hathaway.  So Warren Buffet is profiting greatly from President Obama’s rejection of the Keystone XL pipeline.  One can’t help to wonder if that has anything to do with the Buffett Rule (see Buffett would profit from Keystone cancellation by Dave Boyer posted 1/24/2012 on The Washington Times).

Warren Buffett, whom President Obama likes to cite as a fair-minded billionaire while arguing for higher taxes on the wealthy, stands to benefit from the president’s decision to reject the Keystone XL oil pipeline permit.

Mr. Buffett’s Berkshire Hathaway Inc. owns Burlington Northern Santa Fe LLC, which is among the railroads that would transport oil produced in western Canada if the pipeline isn’t built…

If completed, the $7 billion Keystone XL would deliver 700,000 barrels a day of crude from oil sands in Canada to Texas refineries on the coast of the Gulf of Mexico. It would traverse about 1,600 miles.

The State Department’s review of the project said shipping oil via rail is more costly than delivering it to refineries by pipeline.

Mr. Obama often cites Mr. Buffett as an example of a civic-minded billionaire because the entrepreneur has said he should pay a higher tax rate than his secretary. Mr. Buffett and the president like to tell the story of how Mr. Buffett pays a 15 percent effective tax rate, while his secretary pays a higher rate even though she earns only a fraction of what he does.

The president has called his push for higher taxes on the wealthy the “Buffett rule.”

Funny.  Warren Buffett says we should tax rich people more and the Keystone XL pipeline doesn’t get built.  Instead that oil goes on Buffett’s trains.  Making him a lot of money.  Just like the president’s rich friends on Wall Street are making a lot of money.  Who have all gotten richer under the Obama presidency while median family income fell for Main Street.  So more oil is traveling across the country.  Some of which is derailing and soaking into our pristine environment.  Or exploding.  While rich people are getting richer.  And President Obama would have us believe he’s for the working man and clean energy.

It would seem President Obama is more for getting Democrat supporters rich than helping Main Street.

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