A push by Warren Buffett’s railroad to boost oil-shipment safety is meeting resistance from Hess Corp. and other companies that say the plan would mean a surge in costs and force them to scrap thousands of tank cars.
A series of accidents including a Quebec crash that killed 47 spurred Buffett’s BNSF Railway Co. along with Union Pacific Corp. to back new standards requiring older cars to be modified or junked. Shippers and railcar lessors balk at the potential cost of more than $5 billion and say carriers’ operating errors are to blame for fiery derailments like BNSF’s in December.
Read the complete story at Bloomberg Businessweek.
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