N. American rail reaps benefits of energy boom

Feb 13, 2013 | 11:33 AM | Corinna Petry

Tags  crude oil, railroads, shale fields, oil sands, pipelines, volume, investments, tank cars Valero Energy

CHICAGO — The oil and rail sectors are experiencing a modern renaissance, with the two becoming more closely linked than ever as the U.S. energy sector booms.

The energy industry’s explosive growth is a "kind of a rail gold rush," Morgan Stanley analyst Evan Calio said during refiner Phillips 66’s recent earnings call. Houston-based Phillips 66 is among a host of firms, including energy producers and railroads, that are ordering rail cars to ship petroleum products all over the country as well as to export markets from shale plays and oil sands.

Phillips 66 started taking delivery of its first group of 2,000 railcars this month, chairman and chief executive officer Greg Garland said.....

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