July 13, 2016 - 1:00 PM EDT
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Feds propose railroads have plans to deal with oil spills

WASHINGTON (AP) — The government is proposing that railroads hauling crude oil be required to develop comprehensive plans for dealing with a significant oil spill, including providing information to state and tribal authorities.

The proposal announced Wednesday by the Department of Transportation also includes a new testing method for shippers to determine the volatility of oil shipments.

Oil is often transported in trains of as many as 100 tank cars at a time. There have been more than two dozen crashes of oil trains in the U.S. and Canada in recent years, often leading to fiery explosions and extensive environmental damage.

Transportation Secretary Anthony Foxx said the proposed rule would "hold industry accountable to plan and prepare for the worst-case scenario."

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Source: Equities.com News (July 13, 2016 - 1:00 PM EDT)

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