Canadian Railway CEO apologies after train derailment

|By:, SA News Editor

Several oil cargo tankers are still burning in eastern Canada, a day after a train carrying crude derailed and caught fire, forcing the evacuation of a nearby town and an apology from the CEO of the train's operator, Canadian National Railway (CNI -1.8%).

CNI CEO Claude Mongeau says the cause of the accident is under investigation, but Canada's Transportation Safety Board says preliminary information suggests the train experienced an "undesired emergency brake application" after a problem with an axle or wheel on one of the cars.

The derailment is the latest in a series of accidents that have raised questions about the safety of transporting oil by rail.