Critics accuse Keystone foe of hypocrisy over oil investment history | TigerDroppings.com

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Beer Bryant
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Critics accuse Keystone foe of hypocrisy over oil investment history


President Obama's pronouncement Tuesday that the Keystone XL pipeline would only be approved if it produced no net change in greenhouse gas emissions was no surprise to Tom Steyer.

A few days earlier, the billionaire hedge fund manager -- and big Obama donor -- had warned the president not to "trade" action on greenhouse gases for approval of Keystone XL. The warning was delivered as Steyer launched a summer-long social media campaign "We Love Our Land," with a goal to kill Keystone and keep Canadian oil bottled up in the tar sands.

"We really cannot afford 40 to 50 years of development of a humongous oil reserve that's twice as bad -- soup to nuts -- as normal crude," Steyer told a gathering at the National Press Club.

Twenty-seven years ago, he founded Farallon Capital, which built much of its wealth on shrewd investments in fossil fuels. Farallon made millions for its investors, and left Steyer with a net worth estimated by Forbes at $1.4 billion.

One of Farallon's biggest holdings is in U.S. pipeline company Kinder Morgan, which has plans to expand a major competitor to Keystone -- the TransMountain pipeline. It carries tar sands oil from Edmonton to British Columbia's west coast for export to Asia. If Kinder Morgan gets approval for the expansion, TransMountain would carry 900,000 barrels of tar sands oil every day.

That's more than Keystone XL.

Keystone XL is one of three pipeline proposals to carry heavy bitumen crude from Canada's oil sands to market. The others are TransMountain and Northern Gateway, which would carry oil from Edmonton to Kitimat, British Columbia. It appears that Northern Gateway will not be approved. If Keystone XL is killed, it will leave TransMountain as the only game in town for transporting oil directly from the tar sands to export terminals. And most of that oil will head west to Asia.

Steyer makes the case that since the Northern Gateway pipeline likely won't be built, there is no "competitive" reason to build Keystone. He also argues that not building either will limit oil production in the tar sands and will effectively contain the production of greenhouse gases. But in making that argument, he curiously omits any mention of the TransMountain pipeline.



Critics accuse Keystone foe of hypocrisy over oil investment history







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udtiger
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re: Critics accuse Keystone foe of hypocrisy over oil investment history


frick that a-hole.


This post was edited on 6/26 at 5:40 pm


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mtntiger
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re: Critics accuse Keystone foe of hypocrisy over oil investment history


Killing one's competition is the American way.





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JohnnyKilroy
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re: Critics accuse Keystone foe of hypocrisy over oil investment history


But but but Romney, who would make the presidency for sale to the highest bidder, lost the election!1!!!!!!1!!!!

HOW COULD THIS HAVE HAPPENED!?!?!?!?!?!?!?!



ETA: This is not an endorsement of Romney.



This post was edited on 6/26 at 6:07 pm


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OldTigahFot
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re: Critics accuse Keystone foe of hypocrisy over oil investment history


"Laws get passed based on who gets paid" - OTF's first law of political reality





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GumboPot
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re: Critics accuse Keystone foe of hypocrisy over oil investment history


quote:

One of Farallon's biggest holdings is in U.S. pipeline company Kinder Morgan, which has plans to expand a major competitor to Keystone -- the TransMountain pipeline. It carries tar sands oil from Edmonton to British Columbia's west coast for export to Asia. If Kinder Morgan gets approval for the expansion, TransMountain would carry 900,000 barrels of tar sands oil every day.




So the truth finally comes out.

Lol @ environmentalist being used as pawns in Farallon's capitalist scheme. Good for him. The oil sands will come to market with or without the environmentalist kooks.

quote:

Steyer makes the case that since the Northern Gateway pipeline likely won't be built, there is no "competitive" reason to build Keystone. He also argues that not building either will limit oil production in the tar sands and will effectively contain the production of greenhouse gases.


:insertokgifgirlhere:







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