CSX Expects Cheap Oil Prices Will Boost Economy, Railroad

CSX officials expect that cheap crude oil prices will help the economy grow and help the railroad deliver significantly better profits this year. The Jacksonville, Florida-based railroad says cheap oil will provide a boost to the economy, which will mean more freight. Over the past four years, railroads have dealt with weak coal demand because a number of utilities took advantage of cheap natural gas prices to turn away from coal. CSX says that transition is now complete. CSX discussed its finances Wednesday, one day after reporting that its fourth-quarter profit jumped 15% to $491 million on $3.2 billion in revenue.