Older rail tank cars may be phased out

The oil industry and the railroads that haul its crude have offered U.S. regulators a joint plan to phase out a type of older tank car tied to a spate of fiery accidents, according to two people familiar with the proposal.

The plan also calls for slightly thicker walls for new cars to make them less vulnerable to puncture, according to the people, who asked not to be identified discussing private communications. The parties agreed to scrap a fleet of thousands of DOT-111s within three years if manufacturers agree they can replace or retrofit the tank cars in that period.

Read the complete story at Bloomberg News.