U.S. crude rail volumes dropped 22 percent last week
NEW YORK - Rail volumes of crude oil and other petroleum products fell by 22 percent last week compared to the same period last year, according to data released Wednesday by the American Association of Railroads.
Oil prices have slumped in recent months and the spread between U.S. and benchmark prices has narrowed, making imports more attractive for East Coast refiners, the largest consumers in the United States of oil by rail.
There were 13,014 carloads of crude oil and petroleum products on the rails last week, among the lowest for any weeks since 2012.
Overall, petroleum product volumes, which are mostly crude oil, are down 5.9 percent, according to AAR data.
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