CSX Corporation (NYSE:CSX): Train With 800 Barrels Of Oil Derails

Boston, MA 05/02/2014 (wallstreetpr) – A train owned by CSX Corporation (NYSE:CSX) derailed and burst into flames in the city of Lynchburg, Virginia on the afternoon of April 30, 2014. The accident happened alongside the James River leading to the immediate evacuation of buildings within half mile radius. No injuries have been reported so far. This is the second accident of a CSX oil carrying train this year. In a statement, CSX confirmed that the 15 cars of the train travelling from Chicago to Virginia derailed at 2.30 PM local time.

30K Gallons of oil leaked into James River

The environment quality officials have expressed concern over the spillage of the huge amount of crude oil in the James River. The spill has created 9 mile ling sheen though it is not expected to cause any drinking water hazards for the residents of the city. The authorities have decided to draw drinking water using an old canal system for the time being as a precautionary measure.

Bakken Oil under scanner

The recent accident is the latest in the growing list of accidents of trains carrying crude oil. A runaway train had killed 47 people last July in Lac- Megantic, Quebec when it had derailed and exploded. It has been confirmed that the derailed CSX Corporation (NYSE:CSX) train was carrying oil from Bakken shale in North Dakota. The Bakken oil has been under scanner earlier as well due to its highly inflammable nature owing to its light weight and has been involved in other accidents in the last few months.

Increased calls for stronger regulations

The latest incidence is likely to increase pressure on the authorities to impose tougher regulations on the transportation of crude oil. The oil transportation industry had earlier taken voluntary steps to use more robust cars for crude oil transportation, but the latest accident has highlighted the need for a strong regulation. The Canadian authorities have also undertaken steps in this direction recently. The consequence of a stronger regulation would be increased business for train car manufactures like Greenbrier companies and Trinity Industries.

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Published by Steve Hackney

Steve Hackney is a corporate finance professional with over 14 years of experience in cash management and investing. He earned a Bachelor of Science in Finance from Florida State University and holds a Certified Treasury Professional certification. Steve lives in Orlando, Florida with his family.