MARIA: DID JOE BIDEN DO A DEAL
WITH THE RAIL UNIONS?
THERE IS SOME SERIOUS WORRY THAT
IF THEY WERE TO HIT THE PICKET
LINE OR OTHER UNIONS HIT THE
PICKET LINE, THIS IS GOING TO
COLLAPSE THIS ECONOMY EVEN WORSE
THAN WE KNOW.
>> IT COULD AND IT WOULD AND BY
ALL ACCOUNTS IT LIKELY WILL.
NOW, IT DOES APPEAR THAT HE MAY
HAVE ATTEMPTED TO STRIKE THIS
DEAL IN ORDER TO KICK THE CAN
PAST THE ELECTION BECAUSE KNOWS
WHAT A DISASTER IT WOULD BE FOR
HIM AND FOR THE DEMOCRATS IN THE
UPCOMING MIDTERM ELECTIONS BUT
AS YOU POINT OUT, IT’S NOT AT
ALL CLEAR THAT THAT DEAL IS
GOING TO TAKE.
MARIA: WE’RE WAITING FOR MORE
INFORMATION HERE.
THAT WAS UTAH SENATOR MIKE LEE
JOINING ME ON SUNDAY MORNING
FUTURES YESTERDAY ON THE RISK OF
A POTENTIAL RAIL STRIKE.
JOINING ME NOW IS THE NATIONAL
MINING ASSOCIATION PRESIDENT AND
CEO, KNOW RICH NOLAND.
THANK YOU FOR BEING HERE THIS
MORNING.
YOUR THOUGHTS ON WHAT’S GOING ON
WITH THE RAIL WORKERS?
WHAT DO YOU KNOW ABOUT THIS DEAL
SO FAR?
IS THERE AN AGREEMENT?
>> WELL, THERE CERTAINLY IS A
TENTATIVE ONE.
I THINK THERE’S A PROCESS HE’S
UNDERWAY WHICH THE PRESIDENT
NEGOTIATED WITH THE UNIONS.
THEY’RE IN A QUESTION AND ANSWER
PERIOD.
THEN FOLLOWED BY VOTING FOR 21
DAYS WHICH WILL PUSH THIS WELL
PAST THE MIDTERM ELECTIONS BUT
WE AS THE LARGEEST USER OF THE
RAIL SYSTEM REMAIN EXTREMELY
CONCERNED ABOUT THE POTENTIAL
IMPACT OF A STRIKE.
WE REPRESENT ABOUT 45% OF THE
TONNAGE HAULED ON U.S. RAILWAYS
SO THERE’S A LOT AT STAKE HERE.
WE’RE ENTERING AN ENVIRONMENT OF
SUSTAINED INFLATION.
THERE’S A LOT OF PRESSURE FOR
INPUTS ACROSS THE BOARD AND A
STRIKE RIGHT NOW WOULD GREATLY
DAMAGE THE U.S. ECONOMY JUST AS
WE HEAD INTO THE HOLIDAY AS THEY
DUCK PAST THE MIDTERM ELECTIONS
SO WE’RE VERY CONCERNED ABOUT
WHERE THIS IS HEAD.
MARIA: WE THOUGHT WE HAD HAD A
SUPPLY CHAIN PROBLEM A YEAR AGO,
THIS WOULD BE A MAGNITUDE OF
THAT.
TALK TO HE ME TO ME A BIT MORE A
MINING INDUSTRY VOLUME.
YOU’RE MOVING A VOLUME OF
COMMODITIES BY RAIL MORE THAN
ANY OTHER INDUSTRY SO THE IMPACT
OF A POTENTIAL RAIL STRIKE IS
REAL.
JOE BIDEN HAS PROPOSED A 24%
INCREASE IN WAGES AND BENEFITS.
IS THIS SOMETHING THAT YOU THINK
OTHER UNIONS ARE WATCHING AND
PERHAPS MIGHT DECIDE THEY WANT
TO PICKET BECAUSE THEY WANT A
RAISE OF MORE THAN 20%?
>> WELL, WE KNOW THAT THE
PRESIDENT HAS THE AGENDA OF MADE
IN AMERICA AND WE FIRMLY BELIEVE
THAT MADE IN AMERICA SHOULD BE
MINED IN AMERICA.
WE’RE HAULING COMMODITIES THAT
GO INTO MANUFACTURING OF
PRODUCTS AND A GOODS FOR THE
EVERYDAY CONSUMER, COST
PRESSURES ARE UP ACROSS THE
BOARD INCLUDING LABOR.
AND WE REMAIN CONCERNED THAT
THIS HASN’T QUITE WORKED OUT YET
AND RIGHT BEFORE THE HOLIDAYS,
RIGHT AFTER THE MIDTERMS WE
MIGHT BE BACK IN THE SOUP WITH A
CONGRESS AND THE ADMINISTRATION
TRYING TO FIND AN AGREEMENT THAT
EVERYONE CAN LIVE WITH.
MARIA: YEAH.
THAT’S WHAT I’M TRYING TO
UNDERSTAND.
BECAUSE THE TERMS OF THIS
TENTATIVE AGREEMENT IS A 24% PAY
RAISE FOR WAGES AND BENEFITS AND
I’M JUST TRYING TO UNDERSTAND IF
THERE ARE OTHER UNIONS OUT THERE
WHO ARE GOING TO PICKET ON THOSE
KINDS OF TERMS.
>> WELL, I THINK IT WILL
CERTAINLY RATCHET UP THE
PRESSURE, YOU’RE ALREADY SEEING
LONG SHOREMEN IN THE CANADA
WHERE WE DO SOME EXPORTING AS
WELL ON STRIKE RIGHT NOW WHICH
IS BOXING IN EVEN MORE POTENTIAL
GLOBAL LIFT FOR OUR COMMODITIES
THAT ARE DESPERATELY NEEDED ON
THE GLOBAL ECONOMY RIGHT NOW.
WE’RE LOOKING AT MAJOR ENERGY
CRISIS IN EUROPE THIS WINTER AS
THE PRICE OF NATURAL GAS
RECENTLY SPIKED TO A 14-YEAR
HIGH.
THE DEMAND FOR THINGS LIKE COAL,
COAL WHICH WE LOADED 4.4 MILLION
RAILCARS LAST YEAR.
THE DEMAND FOR IT IS EXPLODING
ACROSS THE GLOBE AND WE REALLY
NEED OUR PARTNERS IN LABOR TO
HELP US GET OUR COMMODITIES, OUR
U.S. MADE COMMODITIES TO THE
MARKETPLACE, TO THE SEA BORNE
OPPORTUNITIES AROUND THE WORLD
TO EXPORT SOME OF THE GREATEST
RESOURCES WE HAVE IN THIS
COUNTRY TO HELP OUR ALLIES IN
EUROPE AND OVERSEAS.
MARIA: ALL RIGHT, SIR.
THANKS VERY MUCH, THAT CURRENT
PACKAGE IS A 24% WAGE INCREASE
OVER FIVE YEARS AND WE ARE
WATCHING IT.
WE APPRECIATE YOU JOINING US