A joint petition has been submitted to the Surface Transportation Board (STB) on behalf of the Canadian National Railway Company (CN), Norfolk Southern Railway Company (NS) and Union Pacific Rail Road Company (UP) freight-hauling railroad companies for the purpose of modernizing annual revenue adequacy determinations of the industry’s overall financial health.
CN, NS and UP are three of the seven railroads remaining in the U.S. from the 41 that operated in 1979 designated as Class I by the STB, based primarily on the annual operating revenue of the railroad company.
After $3 trillion in federal stimulus money went to individuals, corporations, hospitals and numerous industries, the Class 1 freight industry has maintained its transportation operations and provided critical resources nationwide without asking for, or receiving, federal taxpayer money.
Other industries and lawmakers can look to how the freight industry has weathered the economic downturn and coronavirus restrictions without receiving any federal bailout money, analysts note.
“The freight rail industry is one of the most cost-effective and efficient transportation networks in the world,” the American Railroads Association (ARA) argues. “Fueled by billions of dollars in annual private investment – $25 billion on average – railroads maintain and modernize the nation’s nearly 140,000-mile private rail network to deliver for America.”