The impetus for the Rail Safety Act comes from a 2023 derailment of a Norfolk Southern train carrying vinyl chloride derailed near East Palestine, Ohio. The spill forced the evacuation of 2,000 people and left them–and other nearby residents–concerned about their potential chemical exposure. The company agreed to a $600 million settlement to residents affected by the derailment and must pay for all costs associated with a complete remediation of the affected area.
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In an analysis by energy consultancy Wood Mackenzie, researchers noted that the nearest historical analogue would be the 1970s, when an oil supply crisis sparked downturns in several countries around the world. Unlike that period, however, the world is now much less reliant on oil, the analysts noted. To create a similar scale of global economic crisis, they wrote, oil prices would need to reach around $200 a barrel.