Train delayed again? Blame the oil boom.
If you’re stuck at a railroad crossing or trapped on a delayed Amtrak train, you might blame it on the US oil boom.
US oil production is the highest in decades, and more and more crude is traveling by train. That is slowing shipments of grains, gravel, and even coal, as commodities and a resurgent oil industry compete for a finite amount of US rail. More oil pipelines could help ease the freight bottleneck, but those take time to build and have become controversial topics in the debate over the future of US energy.
In the meantime, firms are taking to the rails to get the country’s newfound oil wealth to market.
Oil just tends to be more valuable than other products,” says Adie Tomer, a senior research associate in the Metropolitan Policy Program at the Brookings Institution, ...
(go to article)
Submitted 49 minutes ago By: