Investing In Rail
Investing in the Future of Railroads
Investments in building, maintaining, and updating railroad infrastructure will provide significant dividends by producing affordable energy and increased job opportunities. Investments in the oil and natural gas transportation and storage infrastructure could contribute up to $120 billion to the economy per year. U.S. freight railroads support 1.2 million jobs directly, including over 185,000 in the freight rail industry alone. In addition, every job directly provided by rail operations will support another 4.5 jobs in other industries.
Investments in U.S. railroads provide a number of public benefits beyond more affordable and accessible energy products. Crude oil and petroleum products constitute a small portion of rail freight, with coal, chemicals, food stuffs, and construction products also efficiently moved throughout the country. In addition, rail freight lessens highway congestion and offers a safe and affordable mode of transporting crude oil.
The oil and gas industry is partnering with regulators, the railroads, and other stakeholders to evaluate rail issues holistically. This includes reviewing regulations, evaluating track maintenance and train operations, providing guidance on crude oil classification and loading processes, and working to improve emergency operations. In 2015, the rail industry expects to spend $79 million per day on greener locomotives, track improvements and innovative safety technology. Continued investment in rail infrastructure will ensure safe transport of crude oil and petroleum products and will strengthen the U.S.’ energy renaissance.