RAILROADS TO PUSH FOR FUEL TAX REPEAL
The railroad industry will work this year to repeal the 4.3-cents per-gallon fuel tax, according to Edward Hamberger, president of the Association of American Railroads.
The tax costs the industry about $200 million per year, while the rising cost of fuel has rocked the industry by about $2 billion per year, Hamberger said.
The industry will also continue to invest 20 percent of its total revenues annually, he said.
The rail industry is the most capital intensive industry in the United States, Hamberger said. Investments are needed for growth, and without investments the railroads would become “a wasting asset.”
The AAR will continue to support the North American Free Trade Agreement and open trade, he said.
The association will also back federal funding to upgrade short-line railroads, he said.