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.