In February of last year, I posted an article explaining how the delay of the Keystone Pipeline is making money for Warren Buffett (rightwinggranny.com). The article included the following quote from John Hinderaker at Power Line:
If the Obama administration holds firm on blocking Keystone, the big loser will be TransCanada Corporation. But who will the big winners be? American railroads:
And of them, the biggest winner might just be the Burlington Northern Santa Fe, which is owned by Berkshire Hathaway, the conglomerate controlled by Obama supporter and Omaha billionaire Warren Buffett. In December, the CEO of BNSF, Matthew Rose, said that his railroad was shipping about 500,000 barrels of oil per day out of the Bakken Shale in North Dakota and that it was seeking a permit to send “crude by rail to the Pacific Northwest.” He also said the railroad expects to “eventually” be shipping 1 million barrels of oil per day.
However, it seems as if Warren Buffett is not the only one benefiting from the delay of the Keystone Pipeline. The Washington Free Beacon posted an article today highlighting some other people who have a financial interest in making sure the Keystone Pipeline is not built.
Senator Tim Kaine (D., Va.) is one of the people opposed to the construction of the Keystone Pipeline.
The Washington Free Beacon reports:
The freshman Democrat (Senator Kaine) has between $15,000 and $50,000 invested in Kinder Morgan Energy Partners, according to his most recent financial disclosure. Kinder Morgan is looking to build a pipeline that would directly compete with Keystone.
Kinder Morgan is considering expanding its Canadian pipeline infrastructure with an expansion of the Trans Mountain Pipeline, which carries oil sands crude from Alberta to refineries and export terminals on Canada’s west coast.
The expansion would boost Trans Mountain’s capacity to 890,000 barrels per day. Keystone, a project of energy company TransCanada, is expected to carry about 830,000 barrels per day if fully constructed.
Observers have said a rejection of Keystone would be a boon for Kinder Morgan, since the Trans Mountain pipeline presents a viable alternative for exporting crude from Canadian oil sands.
The article reminds us:
The availability of alternatives to Keystone—from Kinder Morgan and Enbridge, another TransCanada competitor and Canada’s largest crude oil transporter—is integral to the State Department’s assessment that approving the pipeline will have little impact on carbon emissions, President Barack Obama’s stated standard for approval.
Another Congressman has investments in Enbridge:
Another anti-Keystone Democrat, California Rep. Alan Lowenthal, has between $15,000 and $50,000 invested in Enbridge Energy Management, $1,000 to $15,000 in Kinder Morgan Energy Partners, and $15,000 to $50,000 in Kinder Morgan Management, which is a limited partner in and handles everyday management for the company’s Energy Partners subsidiary.
Lowenthal has been less outspoken then Kaine on Keystone, but he voted against legislation last year that would have approved the pipeline without sign-off from the administration, which has repeatedly put off a decision on the project.
He was also one of 22 Democrats to sign a December letter to U.S. Trade Representative Michael Froman insisting that the Keystone Pipeline would be detrimental to the environment.
Shouldn’t Congressmen who have a vested financial interest in a vote taken by Congress be forced to abstain from that vote? This seems to be an example of Congressmen padding their own pockets while blocking a project that would provide jobs for many unemployed Americans.