They’re boosting employment in the process: Rail transportation payrolls have climbed by 9.1 percent, a pace more than twice as fast as total job growth, since the end of 2009.
“Its having a ripple effect that’s really creating jobs and wealth and investment opportunities,” said Charles Clowdis, the managing director for transportation advisory services at IHS Global Insight Inc. (2172) in Lexington, Massachusetts. “There’s so much crude being produced that can’t be piped. These guys are putting real dollars in the bank each week and railroads are making a darn good profit on hauling this in tank cars.”
Crude oil shipments by rail jumped 256 percent in 2012 to a record 233,811 carloads, or 167 million barrels, the Association of American Railroads said Feb. 21. That’s equivalent to more than 7 percent of U.S. production, up from 2.3 percent in 2011, according to AAR and Energy Department data compiled by Bloomberg.
The U.S. expanded oil production last year by 766,000 barrels a day last year, the biggest jump since the first commercial well was drilled in 1859 in Titusville, Pennsylvania, according to the Energy Department.
How odd. Just a few weeks about RLP'D the board was claiming ND oil production was declining. Is it possible a person could be so delusional on the basics and be a rational investors?