Buffett Upset over Keystone Delay

Warren Buffett, billionaire investor and fund raiser for President Obama, was upset with the recent decision in the president’s delay in looking over the Keystone XL pipeline, saying that it has the United States thumbing its nose at Canada.

“I would have passed Keystone,” said Buffett on the CNBC show Squawk Box before the 50th anniversary shareholder meeting taking place in Omaha on May 2. “I think that we have an enormous interest in working with Canada.”

Although the Oracle did not directly call out President Obama, he did make it clear that he was not in agreement with the way that the federal government is currently handling the application for TransCanada Corp. and the Canada to Texas oil pipeline, which was filed more than six years ago.

“This is a valuable resource of North America and Canada’s been a terrific partner over the decades,” said Buffett. “And for us to kind of thumb our nose at them, you know, not what I would do.”

Buffett is in support of the pipeline despite owning Burlington Northern Santa Fe Railway, which also carries crude oil and will compete against the pipeline.

The comments by Warren Buffett come a week after a bill was vetoed by Obama that would have forced Keystone approval.

The president says that the bill would disrupt the current practice that provides the executive branch total authority to review cross-border pipeline applications and to determine if they would be in the “national interest,” a process still being conducted by the Obama administration.

Buffett has been in support of Keystone since as early as 2012.

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