Warren Buffett, widely regarded as the world’s richest man and Bill Gates, the founder of Microsoft, who is hardly short of a bob or two, toured Canadian Natural Resources Horizon oil sands project near Fort McMurray, Alberta.
The men were given details on the Canadian oil industry by the Canadian Association of Petroleum Producers. “We were asked to come up and do a short presentation,” said Greg Stringham, vice-president of markets and fiscal policy at the association.
Just the fact that the two had toured the region made the shares of two major oil sands players jump. Suncor Inc, Canada’s oldest oil sands company, gained C$3.62 to close at C$59.89, a jump of 6.4 percent. Canadian Natural Resources rose C$6.13 to C$88.40, a gain of 7.5 percent.
Buffett and Gates also took a helicopter tour of the region. Hopefully the scarred and polluted landscape somehow put the men off investing in this growing environmental catastrophe. They should also read the next post by Oil Change’s Kenny Bruno…