Billionaire Buffett’s Bakken Boom
Editorial
Investor’s Business Daily
11/16/2011
Energy Policy: Killing the Keystone XL pipeline may help one of the world’s richest men get richer. North Dakota’s booming oil fields will now grow more dependent on a railroad the president’s economic guru just bought.
Stop us if you see a pattern here. About the time George Soros — Hungarian billionaire and key donor to leftist groups and the Democratic Party — invested heavily in the stock of the state-run Brazilian oil company Petrobras, President Obama was curbing U.S. offshore oil production and the U.S. Export-Import Bank announced a $2 billion loan to Petrobras to finance deep-water drilling off the pristine beaches of Sao Paulo and Rio de Janeiro.
As he was imposing curbs and moratoria on U.S. offshore drillers, President Obama wished the Brazilians well in the hope we would someday be Brazil’s best oil customer.
Apparently, oil tankers coming from Brazil are better and safer than a pipeline from Canada, whose best customer we will not be if they ship their tar sands oil to China instead.
Interestingly, another billionaire, Obama economic inspiration Warren Buffett, stands to benefit from the Keystone XL pipeline delay…
The editorial continues at IBD.
H/T @gerfingerpoken
