• 4 minutes Energy Armageddon
  • 6 minutes How Far Have We Really Gotten With Alternative Energy
  • 10 minutes Russia Says Europe Will Struggle To Replace Its Oil Products
  • 2 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 4 hours Reality catching up with EV forecasts
  • 5 days "Natural Gas Price Fundamental Daily Forecast – Grinding Toward Summer Highs Despite Huge Short Interest" by James Hyerczyk & REUTERS on NatGas
  • 5 days A Somewhat Realistic View of the Near Future for Electric Vehicles Worldwide
  • 3 hours 87,000 new IRS agents, higher taxes, and a massive green energy slush fund... "Here Are The Winners And Losers In The 'Inflation Reduction Act'"-ZeroHedge
  • 11 days The Federal Reserve and Money...Aspects which are not widely known
  • 15 days US Oil Independence is a myth and will always be a myth
  • 16 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
ZeroHedge

ZeroHedge

The leading economics blog online covering financial issues, geopolitics and trading.

More Info

Premium Content

Railway Strike Looms After Union Rejects Biden-Backed Labor Deal

  • The Big Rail labor union Brotherhood of Maintenance of Way Employees Division has rejected a Biden-backed labor contract, sending the two sides back to the bargaining table.
  • BMWED represents about 26,000 workers who build and maintain the tracks, bridges, buildings and other structures on railroads across the country. 
  • The Biden-sponsored deal included a 24% wage increase, $5,000 bonuses and an additional paid day off.

Members of the Brotherhood of Maintenance of Way Employes Division (BMWED) rejected a labor contract with the freight railroads on Monday, sending the two sides back to the bargaining table and resetting the countdown to a potential work stoppage.

More than 56% of BMWED membership voted against ratification of the tentative national agreement reached with the Class I freight railroads on Sept. 11. The Biden-sponsored deal included a 24% wage increase, $5,000 bonuses and an additional paid day off.

BMWED represents about 26,000 workers who build and maintain the tracks, bridges, buildings and other structures on railroads across the country, according to its website.

“The result of the vote indicates there is a lot of work to do to establish goodwill and improve the morale that has been broken by the railroads’ executives and Wall Street hedge fund managers,” BMWED President Tony D. Cardwell said in a statement.

ADVERTISEMENT

“I trust that railroad management understands that sentiment as well. Railroaders are discouraged and upset with working conditions and compensation and hold their employer in low regard.”

BMWED will go back to the bargaining table for additional negotiations with the railroads. If a deal cannot be negotiated, BMWED could go on strike after Nov. 14.

Related: Russia Not Ruling Out Repair Of Nordstream Gas Pipelines

ADVERTISEMENT

A new labor deal for union members has been in the works since January 2020, but negotiations with the railroads failed to progress. A federal mediation board took up the negotiations but released the parties from those efforts earlier this summer. 

Two of the largest labor unions — those representing locomotive engineers and train conductors — were the last to reach a tentative agreement with the railroads. Their agreement averted a rail strike that could have begun as early as Sept. 16.

So far, only four of the 12 unions have ratified the national agreement with the railroads: the American Train Dispatchers Association, the International Brotherhood of Electrical Workers, the Transportation Communications Union and the the Brotherhood of Railway Carmen.

By Zerohedge.com

More Top Reads from Oilprice.com:


Download The Free Oilprice App Today

Back to homepage


ADVERTISEMENT


ADVERTISEMENT



Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News