Union Pacific demonstrates pricing power by passing through fuel cost increases via surcharge programs and achieving core pricing gains even as mix shifts toward lower-ARC domestic intermodal. The fuel surcharge mechanism acts as a cost pass-through that protects margins from commodity price volatility, while the ability to achieve pricing gains above mix headwinds suggests underlying rate power with shippers who have limited modal alternatives for bulk and industrial freight.
the thesis · admitted · the reason above is the thesis, not printed twice
no findingread · nothing bore on it
It held on this filing. No finding was written because nothing in it bore on the reason — the sentences it was read against are below.
the evidence · every sentence checkedfour sentences · whole, uncut
the claims it rests on · in our words, not the filing’s