OMAHA, Neb. (AP) – Union Pacific and the nation’s other major
freight railroads are defending their business and pricing
practices at a Washington D.C. hearing.
The Surface Transportation Board began a two-day hearing on
railroad competition Wednesday to consider whether new regulations
are needed.
UP CEO Jim Young planned to tell the board that if new
regulations are imposed on railroads, the industry will reduce its
spending on track and equipment that helps fuel the economy. And
jobs will be cut.
Mining, utility, industrial and agricultural companies have
complained that freight railroads charge excessive shipping rates
when customers have no other shipping option.
Oxbow Mining even filed a federal lawsuit this month against UP
and Burlington Northern Santa Fe accusing the railroads of
conspiring to raise prices. Both railroads have denied any
wrongdoing.