It's 3 p.m., and you're cruising down a rural road, doing about 50.
A quarter mile away is a sign, with flashing yellow lights, alerting you to slow down to 15. It's a school zone.
But, you don't see any children. Besides, you're going to be late to your racquetball match. So, you just slide on past.
You're an independent long-haul trucker. You get paid by the number of miles you drive. If you work just a couple of hours longer every day than the limits set by the federal government--and if you can drive 75 or 80 instead of 65, you can earn more income. You have your uppers and energy drinks, so you believe you should be able to work a couple of hours a day more than the regulations, and drive faster than established speed limits.
Now, let's pretend you're the CEO of a railroad. Your trains have been hauling 100 tanker cars of crude oil from North Dakota to refineries in Philadelphia and the Gulf Coast. That's 100 tankers on each train. A mile long.
About 90 percent of the 106,000 tanker cars currently in service were built before 2011 when stricter regulations mandated a new design. The older cars are susceptible to leaks, explosions, and fires in derailments. But, because of intense lobbying by the railroads, they are still carrying oil.
Railroad derailments in the United States last year accounted for more than one million gallons of spilled oil, more than all spills in the 40 years since the federal government began collecting data. The oil pollutes the ground and streams; the fires and explosions pollute the air.
Most of the derailments threatened public safety and led to evacuation of residential areas. One derailment led to the deaths of 47 persons, the destruction of a business district, and an estimated $2 billion for long-term pollution clean-up and rebuilding of homes and businesses. Three derailments, including one in a residential area of Philadelphia, occurred this past year in Pennsylvania.
The derailment and explosions of "bomb trains" became so severe that in May the Department of Transportation declared the movement by trains of crude oil from North Dakota derived by the process known as fracking posed an "imminent hazard."
The federal government wants to reduce the speed limit for those trains carrying highly toxic and explosive crude oil.
If you're Hunter Harrison, CEO of Canadian Pacific (CP), you say you "don't know of any incidents with crude that's being caused by speed," and then tell your investors, "We don't get better with speed [reduction]. We get worse."
If you're Charles Moorman, CEO of Norfolk Southern, you agree completely with your colleague from CN, and say that a higher speed limit is safe.