Canadian Pacific is riding the wave of North American oil producers' increasing reliance on rail to transport crude oil to U.S. Gulf Coast and Northeast refineries.For CP, that wave is rolling fast: The Class I moved 500 carloads of crude oil in 2009, 13,000 in 2011 and more than 53,000 in 2012. In January, the railroad announced it had reached a 70,000 annual carload run rate for crude oil — a rate met earlier than CP executives previously anticipated.During their fourth-quarter 2012 earnings call with analysts on Jan. 29, CP officials said crude by rail represents the railroad's strongest opportunity for traffic and revenue growth.To read more about CP's efforts to build its crude-by-rail business, read my feature story in the March issue of Progressive Railroading.
Does this huge increase in carloads mean that the CP will oppose the Keystone pipe line ?
In reply to candlou:
CP doesn't reach Cushing, OK.
CP just had a derailment and spill that elicited some caustic comments on facebook. It behooves the railroads to minimize these failures in offering an alternative.