Sunoco

Fri, 2014-04-04 12:07Don Lieber
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Spills, Explosions, Earthquakes and War: Welcome to American Energy “Independence”

A well-deserved show of gratitude to the efficient and reliable fossil fuel sources of American energy independence — oil, coal and gas — is in order, following a truly remarkable string of success stories in recent days nationwide.      

On March 25, the BP refinery in Whiting, IN, leaked some 1,600 gallons of crude oil about eight miles upstream from a main drinking water inlet to Chicago. (As of this writing, investigators have not yet determined if the oil is conventional crude or heavy tar sands.)

Three days prior, on March 22, nearly 170,000 gallons of bunker fuel oil spilled into Galveston Bay, TX, from a barge, soiling one of the nation’s busiest export terminals with one of the heaviest, stickiest forms of oil on Earth. As a result, 20 containment vessels were dispatched. 

And five days before that, on March 17, a Sunoco-owned oil pipeline leaked 20,000 gallons into the Oak Glen Nature Preserve in Ohio, some 20 miles from Cincinnati. To be fair, the leak was only ‘discovered’ on March 17. Nobody knows when the leak actually began, and the true amount of oil leaked will be impossible to conclude.   

These impressive gains by the oil industry, however, pale in comparison to the string of breakthroughs achieved in the coal industry in recent days in North Carolina.

Thu, 2014-01-02 10:54Steve Horn
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Warren Buffett Bought Stake in Pipeline Company on Same Day as North Dakota Oil Train Explosion

On December 30, the same day a Burlington Northern Sante Fe (BNSF) oil train derailed and exploded in Casselton, North Dakota, Warren Buffett — owner of holding company giant Berkshire Hathaway, which owns BNSF — bought a major stake in pipeline logistics company Phillips Specialty Products Inc.

Owned by Phillips 66, a subsidiary of ConocoPhillips, Phillips Specialty Products' claim to fame is lubricating oil's movement through pipelines, increasingly crucial for the industry to move both tar sands crude and oil obtained via hydraulic fracturing (“fracking”) in an efficient manner.

“Phillips Specialty Products Inc…is the global leader in the science of drag reduction and specializes in maximizing the flow potential of pipelines,” explains its website.

Buffett — the second richest man in the world — sees the flow lubricant business as a lucrative niche one, increasingly so given the explosion of North American tar sands pipelines and fracked oil pipelines.

“I have long been impressed by the strength of the Phillips 66 business portfolio,” he said of the deal in a press release. “The flow improver business is a high-quality business with consistently strong financial performance, and it will fit well within Berkshire Hathaway.”

Fri, 2013-08-16 10:51Steve Horn
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Warren Buffett Buys Over $500 Million of Suncor Tar Sands Stock, Latest in "Dirty Deeds Done Dirt Cheap"

Warren Buffett - the fourth richest man on the planet and major campaign contributor to President Barack Obama in 2008 and 2012 - may soon get a whole lot richer.

That's because he just bought over half a billion bucks worth of Suncor Energy stock: $524 million in the second quarter of 2013, to be precise, according to Securities and Exchange Commission filings. Suncor is a major producer and marketer of tar sands via its wholly owned subsidiary Petro-Canada (formerly Sunoco) and this latest development follows a trend of Buffett enriching himself through dirty investments and deal-making. 

So far in 2013, Suncor (formerly Sun Oil Company) has produced 328,000 barrels per day of tar sands crude.

Though he receives far less negative press than the Koch Brothers, Buffett's no deep green ecologist. Not in the slightest. 

Referred to as one of 17 “Climate Killers” by Rolling Stone's Tim Dickinson in a January 2010 story, Buffett owns the behemoth holding company, Berkshire Hathway. It's through Berkshire that he's making a killing - while simultaneously killing the ecosystem - through one of its most profitable wholly-owned assets: Burlington Northern Santa Fe (BNSF).

Buffett purchased BNSF for $26 billion and was “the largest acquisition of Buffett's storied career,” Dickinson wrote.

BNSF hauls around frac sand for the controversial horizontal oil and gas drilling process known as “fracking.” The rail company also moves fracked oil from North Dakota's Bakken Shale basin, tar sands logistical equipment and tar sands crude itself and tons of coal. And not only does Buffett's BNSF haul around ungodly amounts of coal, he actually owns coal-burning utility companies, too.

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