Tag: Keystone Pipeline
THE PIPELINES
Via Investors.com
WHO NEEDS A PIPELINE WHEN YOU HAVE WARREN BUFFET’S CANNONBALL EXPRESS?
Dramatic Explosion Footage: Warren Buffett-Owned Oil Freight Train Derails, Bursts Into Flames
Submitted by Tyler Durden on 03/05/2015 21:14 -0500
Back in March 2013 we wrote a post presenting “the new US petroleum pipelines” in which we explained “why crony capitalist #1, the “rustic” Octogenarian of Omaha, and Obama tax advisor #1, Warren Buffett has been aggressively attempting to corner the railroad market, while the administration relentlessly refuses to allow assorted new, and very much competing petroleum pipelines from America’s neighbor to the north to cross through the US.” The answer was shown on the chart below which showed the exponential increase in petroleum rail car loadings.
It also explains why after Buffett’s purchase of Burlington Northern Santa Fe (BNSF) in 2009, Obama has been so staunchly against allowing the Keystone XL pipeline: because if there is anything that would allow Buffett to preserve the momentum of his soaring oil transit business, it is maintaining a veto on any competing pipelines. A veto which Obama implemented for the latest time just a few days ago.
Of course, it would be uncouth of the US president to say that he is against a pipeline because one of his crony backers, his tax advisor (“push income tax higher all you want, but don’t you dare touch that capital gains and dividend tax”), and perhaps the biggest single beneficiary of the government bailout of Wall Street in 2008, tells him to. So instead Obama, to appease his progressive rank and file, decided to crack down on the “danger” of pipelines – after all, the world is riddled with horror stories about the tens of thousands of miles of US commodity pipelines spontaneously combusting, exploding or otherwise blowing up and destroying the pristine nature all around them.
Maybe not, but that’s where the “unbiased” media comes into play. The same media which we doubt will have much if anything to say about the train derailment, crash and subsequent massive explosion which took place at 1:20 pm in a rural area where the Galena River meets the Mississippi.
The train in question? One of Warren Buffett’s own: a BNSF Railway freight train loaded with crude oil.
Continue reading “WHO NEEDS A PIPELINE WHEN YOU HAVE WARREN BUFFET’S CANNONBALL EXPRESS?”
Obama Vetoes Keystone Pipeline Bill
Submitted by Tyler Durden on 02/24/2015 15:34 -0500
Remember when shortly after the avalanche victory of the GOP in both the House and the Senate the pundits said that with the lame duck president in his final stretch, now is the time when long-overdue legislation would finally get passed? They were wrong.
- OBAMA NOTIFIES U.S. SENATE OF VETO OF KEYSTONE PIPELINE APPROVAL BILL
- OBAMA VETOES REPUBLICAN ATTEMPT TO FORCE KEYSTONE APPROVAL
The Republican reaction:
- U.S. SENATE MAJORITY LEADER MITCH MCCONNELL SAYS CHAMBER WILL CONSIDER OVERRIDE OF KEYSTONE PIPELINE VETO NO LATER THAN MARCH 3.
- BOEHNER SAYS OBAMA KEYSTONE VETO IS `NATIONAL EMBARASSMENT’
As Bloomberg adds, Obama’s action sets up new round of votes in Congress that will likely fail as supporters don’t have enough backing to override veto. As a reminder, the Senate vote was 62-36, while House vote was 270-152; with a two-thirds majority required to override veto.
Of course, when the Fed gives a greenlight to keep pumping up the “wealth effect” and make the rich – the same people who contro Congress anyway – richer, who actually needs any laws getting passed? Indeed, in the immortal words of Chuck Schumer, when the Mr. Chairmanwoman is “getting to work”, Congress is merely ornamental.
BRING SOME MARSHMALLOWS
This is video of the latest in a series of explosive train derailments over the last few years. A 109 car CSX train derailed earlier this week in West Virginia. It was carrying some of that good old North Dakota fracked oil. Well, at least we know it burns just as well as regular oil.
And these oil cars were the new super safe railcars that are supposed to resist rupture. I think CSX may have been sold a load of shit, because these railcars didn’t resist too much.
I wonder if the costs of these unfortunate accidents are factored into the shale oil miracle storyline. Obama and his environmental nazi minions do everything they can to block the Keystone pipeline and other rational pipeline extensions. With oil at $50 per barrel, these pipelines probably no longer make much sense economically. But from a safety and environmental standpoint how can they possibly argue that sending oil by rail across our horrible rail infrastructure is a safer and more environmentally friendly method.
