Fox News Special Report correspondent John Roberts reported Wednesday on billionaire Obama donor Tom Steyer's opposition to the Keystone XL Pipeline, which he claims to be doing out of environmental concerns, while critics point to the financial benefit Steyer-founded Farallon Capital would see if Keystone was stopped.
The Washington Free Beacon reported on Steyer's claim last week that the millions of dollars he is pouring into stopping it have nothing to do with the loss in market share Kinder Morgan, the pipeline giant in which Farallon owns more than $114 million in stock, would take if Keystone was built:
Steyer noted on Thursday that he resigned last year from Farallon Capital, where he oversaw the firm’s investment activities as a senior partner. He remains an outside limited partner, and the "bulk of his capital" remains with Farallon.
Farallon is a major investor in at least one company that will directly compete for business with TransCanada, the company behind the Keystone pipeline, if the pipeline is approved.
Farallon owns more than $114 million of stock in the company Kinder Morgan, which is currently spending billions to expand its Trans-Mountain Pipeline System, which transports oil from Alberta, Canada, to the American west coast.
Keystone would provide an alternative means to transport oil from Canada to the United States, potentially reducing Kinder Morgan’s market share and boosting a direct competitor for oil transportation deals.