By Laura Barron-Lopez - 07/15/14 07:51 AM EDT
The oil industry and the railroad companies responsible for transporting crude oil, have offered U.S. regulators a plan that would phase out the type of older tanks cars connected to recent fiery derailments.
The proposal comes after pressure on Capitol Hill and in states impacted by crude-by-rail crashes has increased, raising expectations that regulators will update standards for the oil tankers transporting the product.
All parties agreed to trash thousands of DOT-111s tank cars within three years if manufacturers say they can replace or retrofit the cars in that timeframe.
Prominent oil lobby American Petroleum Institute and the Association of American Railroads met with officials of the Transportation Department and White House Office of Management and Budget to talk about the plan, sources told Bloomberg News.