NSC - Railroads Can Prevent Further Derailments by Looking at History | Benzinga
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There are approximately three railroad incidents in the United States each day. Some are fatal and otherwise more destructive than others.
In early March, a Norfolk Southern (NYSE: NSC) train derailed, with two cars landing in the Hoosic River in New York. In February 2023 — just over a year ago — a Norfolk Southern train derailed in East Palestine, Ohio, an accident that made national headlines. The latter was carrying hazardous materials, creating conditions that are dangerous to the environment and the people in the local community. NS agreed on Tuesday to pay $600 million to settle a class-action lawsuit but said the settlement is not an admission of liability or wrongdoing.
According to the U.S. Department of Transportation, between 2000 and 2022, there were on average 1,615 train derailments each year. In 2023 derailments again surpassed the 1,000 mark and rose for the top five freight rail companies, including Norfolk Southern, compared to previous years.
Train derailments remain an urgent safety and economic issue that has devastating human, environmental and economic ramifications for all communities, the companies that rely on the rail system, their employees and the government. The railroad industry plays a central role in our national supply chain network and thus the overall health of the national economy.
The DOT has acknowledged the importance of improving the safety of railroad transportation, but the path to achieving that remains unclear. Until we can gain that clarity, the rail system will remain vulnerable and our dependence on it at risk.
The DOT and the Federal Railroad Administration launched a pilot program called Confidential Close Call Reporting System, designed to enable the reporting of unsafe events. According to the FRA, as of January 2024, only one of the top five freight companies, Norfolk Southern, had joined the program.
Another stalled attempt at a solution is the Railway Safety Act of 2023 introduced by Sen. ...