TBO.com: Tampa Bay Online, The Tampa Tribune and The Tampa Times - breaking news and weather.
Thursday, Oct 23, 2014
Letter of the Day

‘Crony capitalism at its worst’

Published:

Why has President Obama delayed again and again the decision to permit the construction of the Keystone XL pipeline to bring Canadian oil into the U.S.? Hint: It has nothing to do with the environment.

Most agree that the pipeline would provide jobs, strengthen our energy security, generate tax revenue, reduce our cost for crude oil, and strengthen our relationship with a major ally, Canada.

The pipeline poses no significant environmental danger, according to the State Department. It is good for America. Even the left-leaning labor unions support it.

Then why is President Obama resisting? The answer, in one word, is money.

Tom Steyer, environmentalist and wealthy supporter of the Democratic Party, has pledged $100 million to democratic candidates who oppose the Keystone XL pipeline. Then there is Warren Buffet, the multi-billionaire investor who is a good friend of Obama and raises millions of dollars for Democrats. His company owns the Burlington Northern Sante Fe railroad. BNSF charges $30 per barrel to transport Canadian oil to refineries in the Gulf states. The pipeline would do the same job at one-third the price. But Buffet’s company would stand to lose over $2 billion a year if the pipeline goes in, and it makes over $2 billion every year it is delayed. This is crony capitalism at its worst, and it is hurting America.

President Obama could remedy this outrageous situation with a stroke of his famous pen, but that would harm the Democratic Party’s fundraising machine. Obviously, he places politics over people.

Andrew W. Schultz

Tampa

Subscribe to The Tampa Tribune

Comments