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If all factors were equal, that would be true. However, railroads much improve their services significantly to take advantage of the high oil prices. Poor/slow service has been killing the railroads for decades. They might get some more bulk shippers, but, unless they can improve their service and guarantee that their customers time sensitive shipments will be on time, we won't be seeing too many time sensitive shipments on the rails. Fuel cost is only part of the equation.
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