Report: Buffett's Railroad to Benefit from Obama Keystone Pipeline Rejection

(Newsroom America) — A railroad largely owned by billionaire Warren Buffett stands to benefit financially from a decision by the Obama administration to reject a major oil pipeline project that would have stretched 1,700 miles south from Canada to refineries in Texas.

Bloomberg News reported Tuesday that Burlington Northern Santa Fe LLC is among U.S. and Canadian railroads that stand to gain from the U.S. State Department’s rejection last week of the Keystone XL pipeline project. Buffett is a long-time political and financial supporter of Obama.

“Whatever people bring to us, we’re ready to haul,” Krista York-Wooley, a spokeswoman for Burlington Northern, a unit of Buffett’s Omaha, Nebraska-based Berkshire Hathaway Inc., investment house, told Bloomberg. If the pipeline deal falls through, she added, “we’re here to haul.”

The State Department rejected TransCanada’s permit to build the pipeline on Jan. 18, saying a congressionally imposed deadline of Feb. 21 to study the project was not enough time.

TransCanada has said it would reapply for a route that avoids an environmentally sensitive region in Nebraska, but the Canadian government has also said it will consider selling its oil to China

<a href="http://www.newsroomamerica.com/story/210153.htmltag:news.google.com,2005:cluster=http://www.newsroomamerica.com/story/210153.htmlTue, 24 Jan 2012 15:35:31 GMT”>Report: Buffett's Railroad to Benefit from Obama Keystone Pipeline Rejection


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