With the lid being blown off the recent, secretive trip of Warren Buffett and Bill Gates to the Canadian Oil Sands, where they toured the Canadian Natural's C$9.3 billion ($8.9 billion) Horizon oil sands mining and synthetic crude processing operation, Warren Buffett made an appearance on CNBC's Squawk Box to make it clear he and Gates were only touring the facilities on a fact-finding mission, and weren't going to invest in the "Sands" at this time.
Oil Sands-related stocks on the Toronto Exchange surged on the news that Buffett and Gates had toured the area, with speculators bidding up a number of the oil stocks.
When Buffett made the announcement, the oil stocks plunged back to normal rates.
No comments:
Post a Comment