Warren Buffett Attacks Clean Energy While Increasing Dirty Oil Investments

Warren Buffett Attacks Clean Energy While Increasing Dirty Oil Investments
on

Warren Buffett, one of the world’s richest men and a campaign fundraiser and donor for Hillary Clinton’s presidential run, has made headlines lately for the attacks on rooftop solar energy launched by subsidiaries of his holding company Berkshire Hathaway.

As Ben Jervey explained here on DeSmog, Buffett and Berkshire Hathaway have numerous ties to coal-fired power plants, the utility industry and the coal-by-rail industrial complex.

But Buffett’s tentacles reach far into the oil industry, as well. 

Buffett appeared in the news recently for buying a nearly $400 million stake in oil and gas pipeline giant Kinder Morgan.  Burlington Northern Santa Fe (BNSF) Railway also carries much of the oil-by-rail now found on train tracks across the United States. 

Beyond Kinder Morgan and oil-by-rail, Buffett also has made a big bet on oil in general. 

“In addition to Kinder Morgan, Buffett has increased his stake in oil refiner Phillips 66,” reported CNN Money. “He has bought over $1 billion more of the stock just since the start of 2016. That’s on top of the $5 billion he had previously invested in the company.”

Buffett also owns more than $1 billion worth of stock in tar sands giant Suncor. 

The fossil fuel industry sees rooftop solar’s ascendancy as a threat to its bottom line, and it appears Buffett — who butters his financial bread from industry profits — does too. 

Photo Credit: Wikimedia Commons

Warren Buffett Attacks Clean Energy While Increasing Dirty Oil Investments
Steve Horn is a former Research Fellow and writer for DeSmog and a freelance investigative journalist based in San Diego, CA. He currently works as a climate reporter and producer for The Real News Network.

Related Posts

on

Cheniere Energy has introduced “cargo emissions tags” to assuage climate concerns of potential buyers. But a new report says these tags are riddled with problems.

Cheniere Energy has introduced “cargo emissions tags” to assuage climate concerns of potential buyers. But a new report says these tags are riddled with problems.
Opinion
on

Anti-science rhetoric and special interests have pushed us to the edge of climate chaos. But just as quantum physics disrupted our view of matter and energy, quantum social change disrupts our beliefs about what’s possible, how fast, and by whom.

Anti-science rhetoric and special interests have pushed us to the edge of climate chaos. But just as quantum physics disrupted our view of matter and energy, quantum social change disrupts our beliefs about what’s possible, how fast, and by whom.
on

Climate campaigners concerned over Jane Toogood’s role in a company that sells technology to produce hydrogen from methane.

Climate campaigners concerned over Jane Toogood’s role in a company that sells technology to produce hydrogen from methane.
on

The Vermont senator nevertheless supported final passage of the Inflation Reduction Act, calling it "a step forward" on climate and drug prices.

The Vermont senator nevertheless supported final passage of the Inflation Reduction Act, calling it "a step forward" on climate and drug prices.