(C) Common Dreams
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Norfolk Southern’s Profits and Accident Rates Rose in Recent Years [1]
['Peter Eavis', 'Mark Walker']
Date: 2023-02-17
Norfolk Southern, which earned more than $3 billion last year, invested close to $2 billion in its railways and operations, up a third from 2021. But over the past five years, it paid shareholders nearly $18 billion through stock buybacks and dividends — twice as much as the amount it invested in its railways and operations. Other large railways have paid out billions to their shareholders, too, and their shares have done better than the wider stock market over the last decade.
“For years, the railroads have fought all kinds of basic safety regulations — modern braking systems, stronger tank cars for explosive materials, even information about what’s on trains passing through communities — based on an argument that it simply costs too much to protect our lives, health, and our air and water,” said Kristen Boyles, a managing attorney at Earthjustice, an environmental group. “It’s disgusting to find out that at the same time these companies have been making massive shareholder payments.”
On Friday, Senator Maria Cantwell announced an investigation by the Senate Commerce Committee, which she leads, into railroads’ handling of hazardous materials. She said she had sent letters to Norfolk Southern and six other major railroads requesting details about their safety practices.
Over the past five years, the seven railroads “have cut their work force by nearly one-third, shuttered rail yards where rail cars are traditionally inspected and are running longer and heavier trains,” Ms. Cantwell, Democrat of Washington, said in a statement. “While some of these changes may be an improvement, they also come with new risks that current federal regulations may not consider.”
Criticisms that railroads are putting profits over other concerns echo the complaints of railroad union members who nearly went on strike last year. Workers said staffing shortages and railroad scheduling policies made it difficult or impossible for them to take time off, including for medical reasons. Congress and President Biden imposed a contract that included pay raises but not the paid-time-off policies that workers wanted in a bid to avoid a strike.
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[1] Url:
https://www.nytimes.com/2023/02/17/business/energy-environment/norfolk-southern-derailment-safety.html
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