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Warren Buffett invests in oil sands producer Suncor
Posted by CNN: Steve Hargreaves on August 15th, 2013
CNN: Warren Buffett just injected himself into one of the hottest environmental debates in the country.
On Thursday Buffett's Berkshire Hathaway (BRKA, Fortune 500) announced through a regulatory filing with the Securities and Exchange Commission that it bought $524 million worth of Suncor stock last quarter.
Suncor (SU) is a Canadian oil company that derives most of its current oil production -- and future expansion plans -- from Alberta's oil sands.
Preventing oil sands expansion is the main...
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Drought strains U.S. oil production
Posted by CNN: Steve Hargreaves on July 31st, 2012
CNN: One of the worst droughts in U.S. history is hampering oil production, pitting farmers against oilmen and highlighting just how dependent on water modern U.S. energy development has become.
Over 60% of the nation is in some form of drought. Areas affected include West Texas, North Dakota, Kansas, Colorado and Pennsylvania, all of which are part of the recent boom in North American energy production.
That boom is possible partly by hydraulic fracturing. Known as fracking for short, the controversial...
Big Oil: To create jobs, let us drill more widely
Posted by CNN: Steve Hargreaves on September 7th, 2011
CNN: With job creation taking center stage in American politics, the oil industry Wednesday made a pitch for drilling more widely. With looser restrictions, the industry says it could deliver 1.4 million new jobs, boost tax rolls by $800 billion, and increase domestic energy production almost 50%.
To hit those numbers, the industry would need to drill off the East and West Coasts, in waters off Florida's Gulf Coast, in Alaska's Arctic National Wildlife Refuge, and on most federal public land that's...