New York (HedgeCo.Net) – The hedge fund manager that signed the Giving Pledge with Warren Buffett and Bill Gates is attacking the Keystone XL oil pipeline plans. The State Department “reported no major environmental objections” to the proposed $7 billion pipeline on Friday, the AP reports.
“Our efforts to defeat the Keystone XL pipeline will continue.” Tom Steyer, billionaire philanthropist and hedge fund founder, said, “I hope President Obama will take a hard look at the facts before he makes a decision on this enormously risky project. In his State of the Union address this week, the President pledged to “act with more urgency” to combat the threat of climate change. His first step should be to reject the Keystone XL pipeline.”
“The pipeline also poses enormous economic and environmental risks to America’s heartland, threatening our farms, towns and drinking water.” Steyer said in the statement. “And what do the American people get in return? Higher gas prices in the Midwest, only 35 permanent jobs, and none of the profits. If Keystone XL is approved, the real winners will be the oil industry and foreign investors like China who stand to profit from more production of this dirty oil.”
Steyer and his NextGen Climate Action Super-PAC also put out a one minute ad, “Sucker Punch” Just say No to Keystone:
In August 2010, Steyer and his wife joined Warren Buffett, Bill Gates and 37 other American billionaires in pledging to give away at least half their fortunes to worthwhile causes. Business people “are pretty widely mistrusted and seen as overwhelmingly self-interested,” Steyer said. “The point is that business people are not just laboring for themselves. They have bigger responsibilities and belong to a wider community.”
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