Record-high diesel prices pushed freight off the highway and onto the railroads in the third quarter, lifting CSX , Union Pacific and Norfolk Southern to record revenue.

The three carriers shared analogous anecdotes that encompass the current state of Class I railroads, identifying elevated fuel costs , an exodus of truck drivers and capacity from the market and intermodal volume growth as reasons for the strong quarter.

The railroads have yet to reap the price benefits of the volume growth, since intermodal rates are set in an annual bid season each fall and winter.…