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February 03 2012

21:00

Warren Buffett Exposed: The Oracle of Omaha and the Tar Sands

On January 23, Bloomberg News reported Warren Buffett's Burlington Northern Santa Fe Railway (BNSF), owned by his lucrative holding company Berkshire Hathaway, stands to benefit greatly from President Barack Obama’s recent cancellation of the Keystone XL pipeline

If built, TransCanada's Keystone XL (KXL) pipeline would carry tar sands crude, or bitumen (“dilbit”) from Alberta, B.C. down to Port Arthur, Texas, where it would be sold on the global export market

If not built, as revealed recently by DeSmogBlog, the grass is not necessarily greener on the other side, and could include increased levels of ecologically hazardous gas flaring in the Bakken Shale, or else many other pipeline routes moving the prized dilbit to crucial global markets.

Rail is among the most important infrastructure options for ensuring tar sands crude still moves to key global markets, and the industry is pursuing rail actively. But transporting tar sands crude via rail is in many ways a dirtier alternative to the KXL pipeline. “Railroads too present environmental issues. Moving crude on trains produces more global warming gases than a pipeline,” explained Bloomberg.

A key mover and shaker behind the push for more rail shipments is Warren Buffett, known by some as the “Oracle of Omaha” — of "Buffett Tax" fame — and the third richest man in the world, with a net worth of $39 billion. With or without Keystone XL, Warren Buffett stands to profit enormously from multiple aspects of the Alberta Tar Sands project. He also, importantly, maintains close ties with President Barack Obama.

read more

January 28 2012

02:40

Greenpeace Calls On SEC To Investigate TransCanada’s Inflated Jobs Claims

Greenpeace USA President Phil Radford sent a formal complaint this week to the Securities and Exchange Commission (SEC) calling for an investigation into TransCanada’s use of wildly inflated jobs figures in promoting its application to build the Keystone XL tar sands pipeline. The letter asks the SEC to review the false and misleading claims made by TransCanada on a number of matters related to the pipeline.

Although President Obama rejected the company’s first proposal to build the Keystone XL tar sands pipeline, industry-friendly Republicans continue to push for its construction, often citing vastly inflated jobs figures. The Perryman Report commissioned by TransCanada is the source of much of the bogus pipeline jobs information. 

Despite the fact that the State Department and independent reviews definitively debunked the claims to “20,000 jobs” and even “hundreds of thousands of jobs” tied to the Keystone XL project, the lie lives on like a zombie, parroted by the echo chamber led by the U.S. Chamber of Commerce, API’s Jack Gerard, and of course Mitt Romney and the GOP.

This lie must be stopped or it will continue to contaminate the public discourse.


The Greenpeace SEC letter [PDF] states:

Specifically, TRP has asserted that each mile of KXL pipeline constructed in the U.S. would create American jobs at a rate that is 67 times higher than job creation totals given by the company to Canadian officials for the Canadian portion of the pipeline.

These false and misleading job creation numbers are part of TRP’s lobbying and public relations campaign designed to create congressional pressure on the U.S. government to issue a Presidential Permit approving construction of KXL. Without government approval, TRP will not be able to build KXL, which will significantly impact the company’s future earnings and share price. That government approval was thrown into serious doubt last week when President Obama rejected the current KXL pipeline proposal at the State Department’s recommendation.


As Brad Johnson says over on ThinkProgress, “It may be legal to lie to the American public, but it is an actionable offense to deceive shareholders under U.S. securities disclosure laws.”

Media Matters has compiled excellent one-pagers to correct the misinformation on Keystone XL, including the jobs myths, KXL and Keystone: The Next Round.

Download the Greenpeace SEC complaint:

AttachmentSize GP-SEC-TransCanada-letter.pdf194.73 KB
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