It would appear that the Obama administration’s astounding decision, regarding the Keystone pipeline XL, will benefit more than just environmentalist groups.
According to IBD, since the plans for North Dakota’s Bakken fields to use the Keystone pipeline were circumvented, they will be forced to ship the oil to refineries by way of the Burlington Northern Santa Fe (BNSF) railroad. The BNSF is owned by none other than Warren Buffett. North Dakota is the fourth largest oil producer in the US, according to The Republic and is forecast to soon trail only Texas in crude output. What’s more, 75% of the oil currently shipped, by rail, out of North Dakota is administered by Buffett’s Burlington Northern Santa Fe LLC.
Similarly, back when Obama began cessation of offshore oil production, another famous billionaire, George Soros, invested massively in Brazilian oil company Petrobras. While no offshore oil production was taking place in the US, at that time, the US Export-Import Bank loaned $2 billion to Petrobas…for deep-water drilling off of Rio de Janeiro and Sao Paulo.