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I'd vote 'yes' on Keystone pipeline: Warren Buffett

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Published: Monday, 3 Mar 2014 | 8:50 AM ET
By:  | Producer, CNBC's "Squawk Box"
 
 
Buffett: Rails have 'real economic' advantages
Monday, 3 Mar 2014 | 6:43 AM ET
Warren Buffett, Berkshire Hathaway chairman & CEO, shares his outlook on rails. It should be a very profitable business, says Buffett. Buffett also weighs in on why he thinks the Keystone Pipeline is a good idea for the country.

The Keystone oil pipeline is good idea for the United States, Warren Buffett said Monday, even though it would take away some business from his Berkshire Hathaway rail subsidiary BNSF.

The long-delayed leg from Alberta, Canada, to Nebraska should be approved, the billionaire investor told CNBC. 

"I would vote 'yes,'" Buffett said in a "Squawk Box" interview, but added he has "no idea" if President Barack Obama will approve it.

"I don't believe in the Keystone pipeline because of the jobs you'd make building it. You can build anything and create jobs," he said. "I just believe it's a useful pipeline."

(Read moreNo climate change impact on insurance biz: Buffett)

Daniel Acker | Bloomberg | Getty Images
Pipeline construction in Oklahoma

BNSF has benefited from transporting shale oil. Referring to the proposed pipeline, which has been opposed by environmentalists, Buffett said: "It's not that big a competitor. I think probably that the Keystone pipeline is good for the country."

But he acknowledged that rail cars carrying the oil will need to be made safer and promised they will be. "The oil from the Bakken, and from the Eagle Ford as well, turned out to be more volatile than people anticipated. ... We've lowered the speeds. It's [also] going to require another kind of tank car, too."

(Read moreWarren Buffett: Ukraine won't stop my stock buying)

BNSF will be buying 5,000 new tanker cars. "We have found in the last year or so that it's more dangerous to move certain types of crude certainly more than was thought previously."

In late December, a North Dakota town had to be evacuated after a BNSF train carrying Bakken crude derailed and caught fire.

By CNBC's Matthew J. Belvedere. Follow him on Twitter @Matt_SquawkCNBC.

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Originally Posted by Jankinonya:

So now you are a fan of Buffetts? Now you think he is giving sound advice? LOL

 

Is he also right about raising taxes? Do you agree with the Buffett Rule?

________________________________________

One may agree with someone on a point, with out being a sycophant -- another difference between a conservative and a progressive -- no cult of the personality amongst conservatives. 

`The left is wedded to the cult of the personality -- remember all those big posters and statues of Dear Leader in every communist nation.  And, the paeans of praise to Obama from children, the speech between columns in Berlin and torchlight parade later -- that one chilled me -- at least it wasn't in Nuremberg.  Once went to Zeppelinfeld in Nuremberg to see a little Jewish kid from the midwest sang Masters of War.   Loved the irony. 

No to both of you. I am asking a question, but got no answer. I find it funny though that Buffett has been touted as someone not worth listening to, until he says something you agree with and then suddenly he is the voice of authority. 

 

Buffett is in the business of making money. I would expect him to see the pipeline from an economic viewpoint. Just as he sees the tax issues. He has tried to tell America how to raise more revenue, but those on the right don't want to hear it. NOW, he is talking about one of your own personal pet projects and you are all ears. Its the same man, with the same brilliant mind for making money. 

 

I hope you continue to listen to him. Maybe you will start to see his sound advice in other areas. I am not against the pipeline. Never have been. My only concern has been the safety of transport. Sounds like Buffett is only concerned about that too. If those issues are addressed then I see no reason why the pipeline should not be approved. 

Originally Posted by direstraits:

`The left is wedded to the cult of the personality -- remember all those big posters and statues of Dear Leader in every communist nation.  And, the paeans of praise to Obama from children, the speech between columns in Berlin and torchlight parade later -- that one chilled me -- at least it wasn't in Nuremberg.  Once went to Zeppelinfeld in Nuremberg to see a little Jewish kid from the midwest sang Masters of War.   Loved the irony. 

_______________________

 

Jebus Christ dire...you are obsessed with the communist aren't you? Maybe its your age. Growing up in the Cold War era. Let go and move on.  Please join us in the 21st century.

Last edited by Jankinonya
Originally Posted by Jankinonya:

No to both of you. I am asking a question, but got no answer. I find it funny though that Buffett has been touted as someone not worth listening to, until he says something you agree with and then suddenly he is the voice of authority. 

 

Buffett is in the business of making money. I would expect him to see the pipeline from an economic viewpoint. Just as he sees the tax issues. He has tried to tell America how to raise more revenue, but those on the right don't want to hear it. NOW, he is talking about one of your own personal pet projects and you are all ears. Its the same man, with the same brilliant mind for making money. 

 

I hope you continue to listen to him. Maybe you will start to see his sound advice in other areas. I am not against the pipeline. Never have been. My only concern has been the safety of transport. Sounds like Buffett is only concerned about that too. If those issues are addressed then I see no reason why the pipeline should not be approved. 

To answer your question, I would be for the Buffett rule if it meant tax cuts for those making under $1m from ordinary income.

I'd vote NO on the Keystone pipeline

Seaweed

If they were to change their business model to sell the product here in the USA, I might be willing to reverse that, but as long as all the refined product is scheduled to go overseas, and tax free on top of that, I vote no. Use it for leverage to get the product would be the smart thing.

Originally Posted by Jankinonya:
Originally Posted by direstraits:

`The left is wedded to the cult of the personality -- remember all those big posters and statues of Dear Leader in every communist nation.  And, the paeans of praise to Obama from children, the speech between columns in Berlin and torchlight parade later -- that one chilled me -- at least it wasn't in Nuremberg.  Once went to Zeppelinfeld in Nuremberg to see a little Jewish kid from the midwest sang Masters of War.   Loved the irony. 

_______________________

 

Jebus Christ dire...you are obsessed with the communist aren't you? Maybe its your age. Growing up in the Cold War era. Let go and move on.  Please join us in the 21st century.

________________________________
Perhaps, you should direct you remarks to Obama's sycophants.  I'm not the one advising speeches in Berlin between paper mache columns, or the torchlight parade.  Nor, am I the one writing the hymns, pledges and marching tunes for Obama Youth to perform.  Its not just communists,, the fascists did it and in Africa the Big Man propaganda emulate the same tactics. 

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