“Not only are trains convenient and comfortable, they are also one of the most sustainable modes of transportation,” Amtrak chief executive officer Stephen Gardner said in a statement.
The company said inflation is pushing supplier costs $1 billion higher than expected in the current quarter, joining the chorus of major corporations warning about challenges rippling through the economy.
The underlying strategies that strengthened railroads’ bottom lines have caused friction with customers, regulators and particularly workers — giving rise to a contract dispute that threatened a nationwide shutdown of the railway system.
The negotiations between dockworkers and employers are at a virtual standstill, with the sides locked down by local concerns and unable to move to contentious wage and automation issues.
State Attorney General Rob Bonta on Sept. 14 announced the antitrust suit challenging Amazon merchant agreements that bar sellers from offering lower prices on other sites and impose stiff penalties if they do.
Diesel futures in New York are trading in the widest backwardation for this time of year in data going back to 2008, meaning the product in storage is losing value each day.
The deal announced before dawn on the morning of Sept. 15 came less than 24 hours before a deadline Sept. 16 that could have led to a shutdown of rail operations across the U.S.
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