Furthermore, Foundation includes initiatives to help Indigenous populations.

Furthermore, it must be noted that
these “philanthropists” are the same forces that caused the destruction they
claim to fix. Buffett’s Berkshire Hathaway Inc. has invested half-billion-dollar
stake in Suncor Energy Inc., the corporation that started the Canadian tar
sands oil industry. As the biggest oil and gas producer in Canada, the tar
sands by Suncor have had a huge ecological footprint and have destroyed the
land, air and waters that belong to Aboriginal communities24,11. Further,
BNSF has railways running across Indigenous reserves and has violated contracts
between the tribes. It limits the lengths of the rails to 25 cars, however, the
Swinomish Indian Tribal Community found that BNSF was transporting crude oil on
trains with 100 cars or more. Thus, its particularly ironic when Buffett’s Novo
Foundation includes initiatives to help Indigenous populations. Furthermore, Buffett’s
Berkshire Hathaway and Bill Gates own major stocks in ExxonMobil, a corporation
with close ties to the oil sands in Alberta. Exxon is also responsible for the
destruction of the environment, abuse of labour rights to name a few18.

 

Why
do Buffett and Bill Gates care about the Keystone XL?

            Warren
Buffett’s interest in the Keystone XL project sparked due to his investment in Burlington
Northern Santa Fe railroad (BNSF) stock. He began investing in 2007 and had
invested around $44 billion by 2009. Rails have been extensively used to carry
thousands of barrels of crude oil and BNSF was a lucrative move for Buffett to
transport oil from the Bakken shale formation in North Dakota. The rail
industry had increased its terminal capacity to transport barrels, with an
average of 821,431 barrels per day by 2013. BNSF announced increasing their
carrying capacity to 1 million barrels a day out of the Williston Basin in
North Dakota and Montana, with a projected indication to increase to 2 million.

However, on September 19, 2008, TransCanada submitted an application for the
Keystone XL pipeline extension which posed a direct threat to Buffett’s investment
in BNSF11. Therefore, the movement against the pipeline and
successful efforts to stop it would directly benefit Buffett since BNSF could
then serve as the platform to transport crude oil, all while being under the
radar of public scrutiny.

            The
Keystone XL project essentially affects all invested in the tar fields and rail
industry, including Bill Gates, the great philanthropist and founder of the
Bill and Melinda Gates foundation. In 2012, Bill Gates became the largest
stakeholder in Canadian National rail (CN)11. Evidently, the
Keystone pipeline negatively affects some of the richest and most powerful
investors.