IBD: Buffet’s Pipeline Payoff?

Investor’s Business Daily editorializes about Obama-supporter Warren Buffet profiting from the rejection of the Keystone XL pipeline.

IBD says,

Keystone XL was designed to transport oil from the Canadian tar sands to the Gulf of Mexico. It apparently also would have enabled oil producers in the booming oil fields of North Dakota to ship their product to Gulf refineries more cheaply.

Keystone XL would help to advance further development of the oilfields in the Bakken Shale formation, which has led to an economic boom in North Dakota.

Plans were under way to tie into Keystone XL and ship increasing amounts of Bakken oil south through the pipeline to Gulf Coast refineries.

Would we rather get our oil from Canada and North Dakota or from the Middle East through the Strait of Hormuz?

Now Bakken producers say they’ll be dependent on railway tank cars — Buffett’s railway tank cars…

Read the entire IBD editorial.

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