Rich Feldman
SwatchJunkies
SwatchJunkies
Toxic Lead’s Home Demolition Loophole
Residential construction is booming again in Seattle and other Northwest cities. To make way for the new, as well as ...
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The Big Problem with Letting Small Railroads Haul Oil
The disaster in Lac-Mégantic, Quebec---where 47 people were killed by a Bakken oil train derailment---is commonly understood to have resulted from a train slipping its brakes and then rolling downhill into town where it crashed disastrously. It was a tragedy, but it should not be considered just a mechanical accident.
In truth, it was a self-reinforcing chain of events and conditions caused by underinvestment, lack of maintenance, and staff cutbacks. And it’s a lesson the Northwest should heed because it illuminates the risks of allowing small regional and short line railroads to pick up unit trains of crude oil from bigger railroads like BNSF and transport them short distances to refineries and terminals. The region is home to at least two small railroads with big oil-by-rail aspirations. One already hauls oil trains several times a week through Portland and small towns in northwest Oregon while the other, plagued by a string of recent derailments, aims to service no fewer than three terminals at the Port of Grays Harbor.
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Canada vs. the USA on Oil Train Standards
With what passes for chest-beating in the world of railway regulation, US politicians this summer claimed that the Transportation Department’s ...
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Proposed Oil Train Rules: The Good, The Bad and The Ugly
On July 23, the federal regulatory agencies in charge of oil trains released the details of a rulemaking proposal to improve the safety of moving large quantities of flammable materials by rail, particularly crude oil and ethanol. Oil trains have been the subject of increasing worry after five separate derailments in the past year unleashed towering infernos. The recent announcement opened up a sixty-day comment period after which the US Pipeline and Hazardous Materials Safety Administration (PHMSA) will issue a set of final rules.
In our judgment most media coverage of the proposed regulations has been rather credulous, overlooking several important dimensions and ignoring some glaring flaws. (One counterexample is Joel Connelly’s coverage at Seattle P-I.) So to correct the record, here is Sightline’s take on the good, the bad, and the ugly in the new proposed tank car standards.
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A Move to Ban the Most Dangerous Oil Trains
Yesterday, EarthJustice announced that it was filing a formal legal petition to compel the Secretary of the US Department of ...
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Industry To Feds: We Will Keep Using Old Unsafe Tank Cars For Three More Years, or Longer If We Feel Like It
This is the kind of oil industry-friendly approach to regulation that should make you want to bang your head on ...
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The Bursting of the Bakken Bubble?
Bakken crude oil production has many of the classic characteristics of an economic bubble. It looks likely that, as with every bubble before, it will end. Whether it ends catastrophically or just badly depends on how regulators act.
Some of the primary features of a bubble include a very rapid market expansion based on an unrealistic assessment of underlying risk, lax regulation, and an overly optimistic belief in continued rapid growth. In hindsight, it should have been obvious that hundreds of billions of dollars of poorly hedged sub-prime loans that depended on ever-rising housing prices were a huge risk. When the sub-prime mortgage bubble burst, the entire financial system was so distressed that a government bailout was required to save it.
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Risk Assessment for Railroads
[prettyquote]”There is not currently enough available coverage in the commercial insurance market anywhere in the world to cover the worst-case ...
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CIT Group, Not CSX, Owner of Lynchburg Oil Tank Cars
Media accounts of the Lynchburg oil train fire are routinely misreporting that the tank cars belong to the CSX railroad. ...
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New “Safer” Tank Cars Were Involved in Lynchburg, VA, Oil Train Fire
Update 5/19/2014: USDOT Secretary Anthony Foxx has now confirmed that the tank car that exploded and leaked oil into the James River was ...
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Industry to Feds: “We Will Not Remove Any Unsafe Oil Rail Cars from Service”
“We will not remove any unsafe oil rail cars from service.” That was the upshot of oil industry testimony at ...
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The Man Behind the Exploding Trains
[prettyquote]“Look for the UTLX logo on tank cars when you watch trains roll by. As a Berkshire shareholder, you own ...
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