Sunday, December 30, 2012

Following the Money

I saw this in an article at PIMCO:
It has been more than a year since President Obama’s controversial decision to delay approval for the permit for the construction of TransCanada’s Keystone Pipeline. At the time, President Obama suggested the delay was necessary to ensure all environmental issues would be properly addressed and understood, though we and others believe the “no-decision” was motivated primarily by the administration trying to maintain the favor of sections of the Democratic political base ahead of the November 2012 election. 
Additionally, by delaying construction of the proposed $7.5 bilion, roughly 1,700-mile oil pipeline from Hardisty, Alberta to the U.S. Gulf Coast, U.S. railroads have benefitted as the primary source of transportation of crude oil from North Dakota to key demand markets in Oklahoma and Texas. Burlington Northern Santa Fe, owned by Warren Buffet’s Berkshire Hathaway, was among the big winners. None of the drama, bad press and “unintended” consequences of the Keystone XL delay were lost on our neighbors to the north.
(Underline added).

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