Quick hits today, since as soon as I finish, I’m heading back to bed. It may be a cold, allergies, or both, but I’m still wrecked.
You’re no doubt familiar with the never-ending battle over the Keystone Pipeline which environmentalists are forsworn to prevent, even though it would represent a mere .04 percent of the nation’s total pipeline mileage, were it to be built. Those against its construction fear it would leak and pollute underground aquifers, or something.
And as noted epidemiologist and oncologist, Senator Barbara Boxer, has revealed; there’s no doubt it will cause cancer.
Oh, and Warren Buffett is against it too. Why?
Keystone is designed to transport crude from the Canadian Tar sands to refineries further south. Which would cut into Warren Buffett’s turf. You see, the Oracle of Omaha recently invested 5 billion in the Burlington Northern Santa Fe railroad. And among the railways biggest revenue sources is-wait for it!- hauling crude oil from the well to refineries.
But is transporting oil by rail really safer? You might ask the good people of Lynchburg, Virginia where a train hauling unrefined oil to a refinery derailed and burst into flames. This a month or two after another tanker train derailed and burned near Cassleton, North Dakota.
Here are two principles behind the opposition in play.
First, Berkshire Hathaway wants to keep the cash coming
Second, there are those who would rather the oil disappear altogether.