In early July a 72-car train derailed and exploded in the town of Lac-Megantic, Quebec, killing 47 people and levelling the town’s central business district. The derailed train in Alberta was hauling crude and LPG to terminals Vancouver, British Columbia.
Moving crude oil and other petroleum products by rail has boomed in the past few years due to a lack of pipelines in the Bakken shale play in North Dakota and Montana. Crude production in the Bakken rose to more than 900,000 barrels a day this past August, less than a third of which is transported by pipeline.
According to a report from the AP, U.S. railroads have moved 178,000 carloads of crude oil in the first six months of 2013, double the number during the same period last year and 33 times more than during the same period in 2009. The Railway Association of Canada estimates that as many as 140,000 carloads of crude oil will be shipped on Canada’s tracks this year, up from 500 carloads in 2009.
Essential Tips for Investing (Sponsored)
A financial advisor can help you understand the advantages and disadvantages of investment properties. Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
Investing in real estate can diversify your portfolio. But expanding your horizons may add additional costs. If you’re an investor looking to minimize expenses, consider checking out online brokerages. They often offer low investment fees, helping you maximize your profit.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
