Warren Buffett Buys Over $500 Million of Suncor Tar Sands Stock, Latest in "Dirty Deeds Done Dirt Cheap"

picture-7018-1583982147.png
on

Warren Buffett – the fourth richest man on the planet and major campaign contributor to President Barack Obama in 2008 and 2012 – may soon get a whole lotย richer.

That’s because he just bought over half a billion bucks worth of Suncor Energyย stock: $524 million in the second quarter of 2013, to be precise, according to Securities and Exchange Commission filings. Suncor is a major producer and marketer of tar sands via its wholly owned subsidiary Petro-Canadaย (formerly Sunoco) and this latest development follows a trend of Buffett enriching himself through dirty investments andย deal-making.ย 

So far in 2013, Suncor (formerly Sun Oil Company) has produced 328,000 barrels per day of tar sandsย crude.

Though he receives far less negative press than the Koch Brothers, Buffett’s no deep green ecologist. Not in theย slightest.ย 

Referred to as one of 17 โ€œClimate Killersโ€ byย Rolling Stone‘s Tim Dickinson in a January 2010 story, Buffett owns the behemoth holding company, Berkshire Hathway. It’s through Berkshire that he’s making a killing – while simultaneously killing the ecosystem – through one of its most profitable wholly-owned assets: Burlington Northern Santa Fe (BNSF).

Buffett purchased BNSF for $26 billion and was โ€œthe largest acquisition of Buffett’s storied career,โ€ Dickinsonย wrote.

BNSFย hauls around frac sand for the controversial horizontal oil and gas drilling process known as โ€œfracking.โ€ The rail company also moves fracked oil from North Dakota’s Bakken Shale basin, tar sands logistical equipment and tar sands crude itselfย and tons of coal. And not only does Buffett’s BNSF haul around ungodly amounts of coal, he actually owns coal-burning utility companies,ย too.

โ€œBNSF is the nation’s top hauler of coal, shipping some 300 million tons a year. That’s enough to light up 10 percent of the nation’s homes โ€” many of which are powered by another Berkshire subsidiary, MidAmerican Energy,โ€ Dickinsonย explained.ย 

Beyond MidAmerican Energy, Buffett also owns the coal-burningย PacifiCorpย and his BNSF freight trains are largely responsible for the coal export boom unfolding in the northwest corridor of the Unitedย States.

โ€œPacifiCorpโ€ฆowns the most coal plants in the West and recently unveiled a long-term energy plan that did not include a single wind project over the next ten years,โ€ explained a recent blog post written by theย Sierra Club. โ€œAnd Warren Buffett is still involved with one of the biggest coal-burning schemes of all โ€“ ongoing plans to exportย coalโ€ฆtoโ€ฆAsia.โ€ย 

โ€œBuffett’s BNSF Railway would be the primary transporter of that coal, and the company has tried to get the coal export terminals approved over the objections of thousands of activists across the Pacificย Northwest.โ€

And as his slam dunk, Buffett also has plans to convert BNSF‘s freight trains to utilize fracked shale gas. He then plans to use those same shale gas-powered trains to transport fracked shale oil from North Dakota (5-percent of BNSF‘s total shipments and 190,000 cars/week), a win-win for Buffett and a lose-lose for the ecosystem and the climate.ย 

โ€œWe have a couple locomotives we’re experimenting with this year on it. The railroads are definitely experimenting with converting to natural gas,โ€ he told CNBC‘s Jim Cramer in a March 2013 interview. โ€œ[Y]ou’ve got to look at converting any kind of an engine to naturalย gas.โ€

‘Tis quite the list of โ€œdirty deedsโ€ by the man coined the โ€œOracle of Omaha.โ€ And relative to his uber-wealth – to cue up the AC/DC – they’re โ€œdone dirtย cheap.โ€

Photo Credit: Wikimediaย Commons

picture-7018-1583982147.png
Steve Horn is the owner of the consultancy Horn Communications & Research Services, which provides public relations, content writing, and investigative research work products to a wide range of nonprofit and for-profit clients across the world. He is an investigative reporter on the climate beat for over a decade and former Research Fellow for DeSmog.

Related Posts

on

The new leader of the opposition has regularly criticised the UKโ€™s green ambitions.

The new leader of the opposition has regularly criticised the UKโ€™s green ambitions.
on

Lucy von Sturmer and Duncan Meisel are building communities of creatives dedicated to preventing the advertising and public relations industry from casting polluters as climate saviours.

Lucy von Sturmer and Duncan Meisel are building communities of creatives dedicated to preventing the advertising and public relations industry from casting polluters as climate saviours.
Opinion
on

It's time to come together to collectively work through the anxiety, grief and overwhelm so many of us are experiencing.

It's time to come together to collectively work through the anxiety, grief and overwhelm so many of us are experiencing.
on

UCP pledges to abandon the provinceโ€™s net zero targets, and remove the designation of CO2 as a pollutant.

UCP pledges to abandon the provinceโ€™s net zero targets, and remove the designation of CO2 as a pollutant.