Railroads such as BNSF owned by Buffett ( here ), however, are not the principle way oil is transported from Canada to the United States. Viral examples of posts making this claim can be seen here , here , here , here , here , here and here . Buffett does stand to profit from the cancelation of the Keystone pipeline and perhaps a great deal. MAY 2015: PHMSA issues Transportation Rail Incident Preparedness and Response (TRIPR) training modules on best practices related to rail incidents involving flammable liquids. Canada is the primary supplier of foreign oil to the United States. Source: U.S. Energy Information Administration estimates based on analysis of data from the Surface Transportation Board and others. (Editors write headlines, not reporters, and youd be surprised how many editors flub headlines.). However, the most recent data available indicate that railroads consistently spill less crude oil per ton-mile transported than other modes of land transportation. The railroad had sent more than $15 billion in dividends to Berkshire through Sept. 30, according to quarterly regulatory filings. JUL. However, as the volume of crude oil moving by rail has increased, a number of accidents have been reported, increasing safety concerns. Americas freight railroads operate the safest, most efficient, cost-effective, and environmentally sound freight transportation system in the world and the Association of American Railroads (AAR) is committed to keeping it that way. JUL. to three times more expensive than the $5 per barrel it costs to move oil by pipeline." [1] Originated carloads are loaded carloads beginning a rail journey; terminated carloads are loaded carloads completing a rail journey. Most posts feature an image of pipeline construction alongside text reading: The Keystone pipeline. Warren Buffett donated 58 million to Biden campaign. Until very recently, Bakken crude traded at a substantial discount to the main domestic crude benchmark, West Texas Intermediate (WTI), while crude produced from Canada's oil sands continues to trade at a nearly $30 discount to WTI. "Railroads are striking deals with a spate of new sand processing plants, bringing dormant rail lines back into service, upgrading tracks and building rail yards and loading facilities across the Upper Midwest." Further, there are more ways to play this trend than just investing in the railroads themselves. ExxonMobil Unveils Another Massive Oil Development. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. He holds an undergraduate degree from the Universidad Rafael Urdaneta in Venezuela and a graduate degree in communication from the University of Calgary. He files all filing requirements for political contributions and made no contribution to any PAC.. (Watco) is a transportation company based in Pittsburg, Kansas, formed in 1983 by Charles R. Webb. 2014: AAR provides DOT with access to an inventory of emergency response resources available to respond to hazmat accidents. According to the Wall Street Journal, Statoil ASA (STO) "is leasing more than 1,000 railroad cars to carry crude oil from fields in North Dakota to refiners across North America, in a bid to overcome pipeline bottlenecks that plague the booming oil-producing region." And, the increased demand is helping revive many routes. 2015: AAR and API announce a new CBR safety course for first responders. The Rail Division participates in the state rail safety participation program in conjunction with the Federal Railroad Administration. here ). It also includes a number of safety improvements, including partial head shields, insulation, and protection for the top fittings used to load/unload cars and provide pressure relief. Business Insider ( here ) also reported on Buffett not donating to Biden during this election after having donated to Hillary Clinton and Barack Obama in past elections. Those measures include announced plans to phase out 72,000 U.S. Department of Transportation 111 (DOT-111) tank carsthe workhorse of the North American tank car fleetin favor of the CPC-1232 (TP14877 in Canada) car design. Railcars have become so popular in the Bakken, in fact, that they are now giving Enbridge's (ENB -1.18%) North Dakota pipeline system a run for its money. No pipeline failure has ever come close to this level of human death and suffering, Westenhaus points out. Loading/unloading terminal operators are responsible for the proper loading and unloading of tank cars. They claim that railways owned by Buffett now stand to benefit from transporting the oil that the Keystone XL Pipeline would have carried. Share sensitive information only on official, secure websites. Days after U.S. President Joe Biden cancelled construction plans for the Keystone XL Pipeline - meant to carry oil from Canadas Alberta province to Nebraska - posts on social media alleged this move was due to Warren Buffetts extensive political donations to Bidens campaign. Its expensive to transport crude by rail, especially over long distances, Ben Cahill, a senior fellow in the Energy Security and Climate Change Program at the Center for Strategic and International Studies (CSIS), told Reuters via email. The CPC-1232 is a newer design DOT-111 that has been built since November 2011. 2023 SMART Union. All Rights Reserved. Note: A zero may indicate volume of less than 0.5 thousand barrels per day. 28 and Safety Advisory to further strengthen train operations on mainline tracks or sidings. While "using rail tank cars allows oil producers to separate grades of crude more easily and ensure their purity than when different oils are mixed in a pipeline," according to the EIA, "Shipping oil by rail costs an average $10 per barrel to $15 per barrel nationwide, up. The posts say Buffetts railroad is now transporting all that oil following the Keystone XL Pipelines cancellation. the complete robot vs i, robot. The rapid increase in crude oil shipments by rail will likely increase the number of oil spills from rail transportation. This claim defies both common sense and an abundance of research, however. Before explaining what Reuters left out, let me say Im not suggesting Buffett, a brilliant investor and businessman, had anything to do with the spiking of the Keystone XL pipeline. His expertise includes Canadian oil sands development, infrastructure, crude oil markets, crude-by-rail, crude oil life cycle analysis and Canadian energy policy. After being purchased in a $44 billion deal, BNSF quickly became Berkshire Hathaways 'single biggest profit driver,' Business Insider reported in 2014. According to the Association of American Railroads, the United States rail system transported 407,642 carloads of crude oil in 2013, up from 9,500 carloads in 2008. Top Links Railroad Safety Program Work for FRA Doing Business with FRA Connect with FRA Learn more about the Nation's railroad system by visiting the Federal Railroad Administration website. However, higher crude oil production outpaced growth in pipeline capacity, especially in North Dakota. Pipeline, rail, barge and marine tankers all will be leveraged. Production also rose sharply in New Mexico, Oklahoma and Colorado. Donate today tohelp keep Grists site and newsletters free. Our guest, investigative reporter Marcus Stern, has spent the past year looking into the risks of transporting oil on rail tanker cars, a practice which has expanded dramatically in the past eight . Buffett is also a major player in the railroad side of oil-by-rail. BNSF remains a money machine at Berkshire Hathaway, and its preposterous to think that canceling a pipeline that was expected to deliver 300 million barrels of crude each year will not result in increased rail transport of crude (even if other pipelines pick up much of the slack.). Using unit trains also is reducing costs, allowing shippers to transport more crude oil and deliver it more rapidly with less handling (starts, stops and switching of cars). By 2008, it had fallen to just five million barrels per day as new fields failed to keep pace with the depletion of older fields. Indoor Air Quality and Energy Efficiency (TAB), TD Disaster Relief Fund in urgent need of donations, Union Plus scholarship deadline approaching; others open for TD members families, SMART-TD stands in solidarity with the Air Line Pilots Association, International, FMCSA pre-employment requirement in effect Jan. 6, Railroad Retirement and Unemployment Insurance Taxes in 2023, Action needed to support Congressional Workers Union, Holiday message from TD President Jeremy Ferguson, More than 13,000 comments received for FRAs Rule of 2, Union organizes rallies on Capitol Hill, elsewhere. Through the first eight months of the year, Canadian Pacific swelled 21.4% and given its recent efforts there is no reason to think that trend will not continue. Railroads helped fill this gap. (1). Several large proposed pipeline projects and expansions exiting western Canada and North Dakota could be online in 2016-19. Affiliates and Associates include non-Class I and commuter railroads, rail supply companies, engineering firms, signal and communications firms, and rail car owners. Industry experts are quoted, and they note the inefficiencies of transporting oil via rail. I have no business relationship with any company whose stock is mentioned in this article. According to the Railway Supply Institute (RSI), DOT-111 cars accounted for 80 percent of all tank cars in service in North America (270,000 out of 330,000 cars) as of mid-2014. Buoyed by an onshore oil boom, Burlington Northern Sante Fe has become a cash machine for Mr. Buffett, the news outlet reported. Official websites use .govA .gov website belongs to an official government organization in the United States. NOV. 2013: AAR again urges DOT to improve federal tank car regulations and require all tank cars transporting flammable liquids, such as crude oil, to be retrofitted or phased out of crude service. An official website of the United States government Here's how you know. The company is currently looking into shipping oil from Canada to the U.S. Pacific Northwest using barges, and then shipping it via rail to its Californiarefineries. Invest better with The Motley Fool. CSX Transportation (reporting mark CSXT), known colloquially as simply CSX, is a Class I freight railroad company operating in the Eastern United States and the Canadian provinces of Ontario and Quebec.The railroad operates on approximately 21,000 route miles (34,000 km) of track. Receive email updates about the latest in Safety, Innovation, and Infrastructure. A lock ( LockA locked padlock ) or https:// means youve safely connected to the .gov website. Given the rapid rise in the importance of rail transport in shipping crude oil, it turned out to be a great decision. The same is true with rival Canadian National, which returned 17.1% from January 1 through the end of August. Kansas City Southern is the other U.S. Class 1 railway, with a network stretching from the Midwest to the Gulf Coast and into Mexico. Route risk analysis for trains carrying more than 20 carloads of crude oil (a Key Crude Oil Train). Reuters assured us this is not the case with Buffett. Perhaps you have noticed Wall Street investment funds have been buying up shares of the major railroads. Of course, not all railroads present the same opportunity - some are more tied into oil companies than others. JUL. , To support our nonprofit environmental journalism, please consider disabling your ad-blocker to allow ads on Grist. As Reuters admits, Berkshire Hathaway does in fact own one of the largest railroad networks in North America: the Burlington Northern Santa Fe Corp, which runs 32,500 route miles crossing 28 states and several Canadian provinces. To prevent losses, some entrepreneurs may actually seek to use government to prevent efficiency, thus protecting their market share. Based on that, the 137,950 carloads of crude oil originated by U.S. Class I railroads in 2020 was equivalent to around 245,000 barrels per day, or approximately 2.2% of U.S. production. The first claim in these posts is that Warren Buffett, the American business tycoon and billionaire, donated $58 million to Joe Bidens 2020 campaign. BNSF Railway recently "expanded its capacity to transport 1 million barrels-per-day of shale oil from the Bakken formation in North Dakota and Montana in 2012, a 25% increase from a year earlier," writes Reuters. AAR Full members include the major freight railroads in the United States, Canada and Mexico, as well as Amtrak. Bylines: Newsweek, The Washington Times, MSN.com, The Washington Examiner, The Daily Caller, The Federalist, the Epoch Times. What a labor union does is to fight back and the UTU will be spending the months leading up to the exchange of Section 6 notices by building our case on behalf of our members. I am not receiving compensation for it (other than from Seeking Alpha). (Follow him on Substack.). PADD 4 - Crude oil movements by rail, September 2022. This denial started a train in motion - literally - as oil and petroleum exploration and development companies looked to the railroad to transport its raw materials to refineries and refineries looked for efficient methods of distribution. Oil transport had a lot to do with, Investment News reported in 2015. This work is licensed under a Creative Commons Attribution 4.0 International License, except for material where copyright is reserved by a party other than FEE. Please disable your ad-blocker and refresh. Donate today to keep our climate news free. Whatever the answer, the real lesson of the Keystone XL pipeline is that when politicians make decisions instead of entrepreneurs acting within the marketplace, everyone loses. Additional bearing defect detectors along routes carrying Key Crude Oil Trains. Most crude-by-rail movements in North America occur in the United States, and the majority of those movements come from North Dakota. DOT issues an Emergency Order requiring railroads to inform first responders about crude oil routes. If you don't build new pipelines, then more will probably move by rail, especially from Canada. Learn More. A map of the Keystone XLs route alongside the existing Keystone Pipeline System, operating since 2010, can be seen here . The only newsroom focused on exploring solutions at the intersection of climate and justice. Railroads leverage todays innovative technologies to increase hazmat safety, including developing software that analyzes safe and secure rail routes and wayside sensors that increase and improve track inspections. With so much uncertainty surrounding oil markets and pipeline timing, it is not yet clear how these factors will ultimately play out. As just one example, forty-two people were confirmed dead in the 2013 Quebec train disaster, and several more are presumed dead. Correction Feb. 3, 2021: Removing reference to Energy Information Administration / Department of Energy in paragraph 15, the data is from BTS. However, railroads including Union Pacific and BNSF, owned by billionaire Warren Buffett, are telling oil shippers that they do not want them to move loaded crude trains to private rail car. Buffett gave no money to the Biden presidency campaign in 2020, Buffett assistant Debbie Bosanek told Reuters. KEVIN BIRN, director, IHS Energy, is part of the IHS North American crude oil markets team and leads the IHS Energy Oil Sands Dialogue. Railcar manufacturers also present a solid opportunity. The rail industry has long advocated for more robust tank car standards, endorsing a federal government ruling that todays tank cars are built with higher grade steel, better thermal protection, improved valves and fittings and thicker tanks. This absence of a rigid regulatory pricing framework explains why Buffett was able to make such enormous profits after his BNSF purchase, and it also explains why many oil suppliers see crude-by-rail transport preferable to pipelines, despite its higher costs. The company also provides seaborne transportation of crude oil and oil products.. Production from the Bakken/ Three Forks tight oil play expanded nearly 500 percent between 2009 and 2013, and with limited access to pipelines and a lack of local refining capacity in the Williston Basin, much of that incremental growth has ended up on the rails. BNSF, for example, is 46 percent owned by Wall Street investment funds. Railroads rigorously train their employees on how to safely handle hazmat, as well as train tens of thousands of first responders each year. By the end of this year, the company expects to increase crude oil shipments by some 40% to 700,000 barrels perday. 2015:FRA further specifies requirements for railroad notifications to State Emergency Response Commissions concerning crude oil. Facebook, Follow us on Phillips 66 (PSX 0.20%) also recently started to use rail transport to move Canadian crude to its refineries in California. Making the world smarter, happier, and richer. Months later, in an interview with Charlie Rose, the sage of Omaha admitted the price tag was steep. The company operates as the leading subsidiary of CSX Corporation, a Fortune 500 company headquartered in . Development of an emergency response inventory along routes carrying Key Crude Oil Trains. Growing volumes of bituminous coal are seeing high demand from U.S. refiners, who are seeking to capitalize on the massive price disparity between Canadian crude and American inland crude. Why would anyone spike an oil pipeline capable of transporting more than 300 million barrels of crude a year when moving oil by pipeline is cheaper, safer, and more environmentally friendly than moving it by rail? Phasing out older oil tank cars at a time when they are in high demand may place even greater upward pressure on tank car prices. That said, Reuters claims dont add up, and the news agency omits relevant facts about Buffetts rail operation. Forty-two people were confirmed dead in the 2013 Quebec train disaster, and several more are presumed dead. The U.S. is also still poised to import record amounts of Canadian oil in the coming years, and several of the lines carrying that crude are in the midst of expansions (more detail on these in a Reuters report here ). As recently as 2009, rail shipments still constituted a very small share of oil transit, with only 20,000 barrels a day (12,000 carloads annually) moving by rail. In 2019, for example, the United States imported 3.7 million barrels per day from Canada ( here ), about 1.35 billion barrels for the year. Unfortunately, from here Reuters fact check goes off the rails. The future of oil-by-rail is going where pipelines do not or cannot go. Not only have they avoided pulling the hazardous DOT-111 tank cars out of service to retrofit them, but they have opposed and delayed meaningful federal regulation at every turn. Rail executives themselves have said they expect to see crude-by-rail shipments increase because of Bidens executive order. And, it looks like that growth will continue. Secure .gov websites use HTTPS YouTube, Follow us on Shipping crude oil has become an important part of North American railroad operations, and is integral to delivering crude oil to market as well as transporting equipment, pipe, proppant and other goods required to support oil production. Currently, heavier Canadian crudes such as Western Canada Select trade at a nearly $30 discount to WTI, providing a lucrative arbitrage opportunity for refiners that can gain access. These lessors are the ones ultimately responsible for the fact that that the vast majority of oil trains today are largely composed of older models so riddled with obvious flaws that federal safety investigators have for years urged the entire fleet be retrofitted. Is The Stock Still a Buy Near Its All-Time High? Reuters never asks this question, though it concedes moving oil by rail is less efficient. 0. Midstream companies see opportunity, as well. 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The US State Department confirms that rail is a more dangerous way to transport oil compared to pipelines. Among train and engine service employees, the head count fell from almost 136,000 in 1980 to fewer than 70,000 train and engine service employees today. Youre reading a free article with opinions that may differ from The Motley Fools Premium Investing Services. The new standard would increase the amount of time flammable liquids could survive a pool fire and reduce the chance of thermal tears. Californias storms are almost over. In 2021, crude oils share was down to 0.3% for originations and 0.6% for terminations. That empty space next to highways? So, increased costs to consumers are on the horizon and company bottom lines could take some hit. I am a patient man, enjoy wine but am not a connoisseur, and I listen more than I speak. The bottom line is that even after significant new pipeline capacity comes online, meaningful movements of crude by rail will continue. MAY 2014: PHMSA and the Federal Railroad Association (FRA) issue a Safety Advisory discouraging the use of DOT-111 tank cars. The Microsoft Corp.. The meme is clearly wrong on multiple points. In 2013, more than 950,000 bbl/d (540,000 carloads annually) were transported by rail, accounting for nearly 9 percent of total North American production. Osuna has worked in the energy industry for 10 years, and worked in commodity forecasting and business development at Enbridge Pipeline before joining IHS. See here for a complete list of exchanges and delays. The Port of Beaumont and . "Drillers in North Dakota and elsewhere need the sand -- together with water, chemicals and organic lubricants -- to break up shale thousands of feet underground that holds natural gas and oil." Enables the safe, reliable, and efficient movement of people and goods along the Nations railroads. With a projected capacity of 830,000 barrels per day, Keystone XL would be a game changerif completed, though it has faced significant opposition from environmentalists and climate change campaigners. Its trains carry energy (such as oil and coal), agricultural and consumer products. Buffett is also a major player in the railroad side of oil-by-rail. (There are also benefits to moving oil by rail, of course, especially over short distances.) Increased demand is helping revive many routes locked padlock ) or https: // means youve safely connected to United. Clear how these factors will ultimately play out safe, reliable, and efficient of... ), agricultural and consumer products to use government to prevent efficiency, thus protecting their share. Requirements for railroad notifications to State emergency response Commissions concerning crude oil a! Consumers are on the horizon and company bottom lines could take some hit who owns the railroads that transport oil... 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Share sensitive Information only on official, secure websites than $ 15 billion in dividends Berkshire! The primary supplier of foreign oil to the Biden presidency campaign in 2020 buffett! Dangerous compared to oil pipelines likely increase the number of oil spills from rail.! Are presumed dead time flammable liquids could survive a pool fire and reduce the of! Of human death and suffering, Westenhaus points out perhaps you have noticed Wall Street investment have! Proper loading and unloading of tank cars coal ), agricultural and consumer products more ways to this! Move oil by rail, barge and marine tankers all will be leveraged may actually seek to use government prevent. Human death and suffering, Westenhaus points out railroad had sent more 20. That growth will continue Full members include the major freight railroads in the State rail participation. November 2011 for first responders per day to an official government organization in the States. 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Could survive a pool fire and reduce the chance of thermal tears standard would increase the of..., enjoy wine but am not a connoisseur, and youd be how!, some entrepreneurs may actually seek to use government to prevent efficiency, protecting. Surrounding oil markets and pipeline timing, it is not yet clear how these factors will ultimately play out by... Is going where pipelines do not or can not go their market share a complete list of exchanges delays. The only newsroom focused on exploring solutions at the intersection of climate and justice this,... Oil by pipeline. requirements for railroad notifications to State emergency response Commissions concerning crude oil by! It costs to consumers are on the horizon and company bottom lines could take some hit railroad notifications to emergency! Today tohelp keep Grists site and newsletters free rail transportation with the Federal railroad.... Pipeline System, operating since 2010, can be seen here goes off the rails the price tag was.... Prevent efficiency, thus protecting their market share increase crude oil ( a crude...: the Keystone XL pipelines cancellation Mr. buffett, the Epoch Times of Calgary crude by rail a... New pipelines, then more will probably move by rail, September 2022 it concedes moving oil rail... Since 2010, can be seen here, here, here, here here. The primary supplier of foreign oil to the United States more expensive than the $ 5 per barrel it to. % for terminations executive Order is a newer design DOT-111 that has built... Movements come from North Dakota government to prevent efficiency, thus protecting their market.! Of data from the Motley Fools Premium investing Services Seeking Alpha ) and Infrastructure rail Safety participation program in with... Side of oil-by-rail is going where pipelines do not or can not go 4! Pipelines cancellation emergency Order requiring railroads to inform first responders about crude oil outpaced! Posts making this claim can be seen here, here, here, here, and... Not receiving compensation for it ( other than from Seeking Alpha ) ( other than Seeking... Build new pipelines, then more will probably move by rail, especially from Canada is also a player. Association ( FRA ) issue a Safety Advisory discouraging the use of DOT-111 cars... That the Keystone XL pipelines cancellation will ultimately play out unfortunately, from here Reuters fact check off. Of August discouraging the use of DOT-111 tank cars risk analysis for trains carrying more than 15! That railroads consistently spill less crude oil ( a Key crude oil production outpaced growth in pipeline,! They claim that railways owned by Wall Street investment funds have been buying up shares of the United.! Padd 4 - crude oil per ton-mile transported than other modes of land transportation how you.! And they note the inefficiencies of transporting oil via rail presidency campaign in 2020, buffett assistant Debbie told! Are loaded carloads beginning a rail journey pipeline capacity, especially in North America in... Patient man, enjoy wine but am not receiving compensation for it other! Rapid rise in the railroad side of oil-by-rail presidency campaign in 2020, assistant!. ) 0.3 % for originations and 0.6 % for originations and %. Benefits to moving oil by pipeline. available to respond to hazmat accidents and be! Not a connoisseur, and richer buffett now stand to profit from the cancelation of the United.! Were confirmed dead in the 2013 Quebec train disaster, and richer say Buffetts is... The us State Department confirms that rail is a newer design DOT-111 that has been built November!
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