Finance

Warren Buffett Sees Natural Gas Sticking Around for a Long Time

While Joe Biden pushes 100% clean electricity by 2035, the billionaire’s latest investment shows he’s far from abandoning fossil fuels

Warren Buffett speaks during the virtual Berkshire Hathaway annual shareholders meeting on May 2, 2020. — Warren Buffett speaks during the virtual Berkshire Hathaway annual shareholders meeting on May 2, 2020.
Photographer: Andrew Harrer/Bloomberg

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By Katherine Chiglinsky, Brian Eckhouse, Naureen S Malik, and Dave Merrill

July 16, 2020 at 10:00 AM UTC

This article is for subscribers only.

Warren Buffett’s $9.7 billion bet on natural gas looks even more contrarian today.

As Democrat Joe Biden unveils a staggering $2 trillion clean-energy plan—the most ambitious climate package ever offered by a presumptive presidential nominee—Buffett’s recent deal to buy Dominion Energy Inc.’s natural gas assets is a stark sign he’s expecting that the market’s shift away from fossil fuels won’t happen overnight.