Oil Industry Beats Buffett in Railroad Investments Surge: Energy
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North American energy companies are starting to invest more in railroad terminals than the railroads themselves.
A group of oil and natural gas pipeline operators led by Plains All American Pipeline LP announced plans just in the past three months to spend about $1 billion on rail depot projects to help move more crude from inland fields to refineries on the coasts. Warren Buffett’s Burlington Northern Santa Fe LLC, the largest U.S. railroad, spent $400 million on terminals in 2012.