Podcast Summary: Bloomberg Talks

Episode: Amtrak President Roger Harris Talks Surging Demand & Pricing
Date: November 21, 2025
Host(s): Matt Miller, Dani Burger
Guest: Roger Harris, President of Amtrak

Overview:

This episode features a candid conversation with Amtrak President Roger Harris on Amtrak’s record-breaking 2025, the drivers behind surging ridership, the challenges of dynamic pricing, America’s high-speed rail lag, and longstanding infrastructure hurdles. Key topics include evolving customer experiences, the pressing need for modernization, impacts of recent government funding changes, and day-to-day operational issues on the Northeast Corridor.

Main Discussion Points and Insights

1. Amtrak’s Record Year (00:54 – 02:13)

• Ridership Surge: Amtrak hit a new milestone with 34.5 million customers in 2025, attributed to better on-time performance, cleanliness, and customer service.
• Revenue: Record ticket revenue of $2.7 billion enabled further investments.
• Recent & Upcoming Service Expansions:
  • Launch of new Acela trains in August 2025 (more capacity and modern amenities).
  • Aero trains coming soon to the Pacific Northwest, later to the Northeast Corridor.
  • New routes: Mardi Gras service (New Orleans–Mobile); Borealis service (Twin Cities–Chicago).
• Massive Infrastructure Investments: Amtrak now spends about half a billion dollars a month on new bridges, tunnels, and maintenance facilities.
• Quote:
  • “We just had our record year in terms of ridership. ... That allows us to invest in new product like the new trains…also investing in new routes...”
    — Roger Harris (00:54)

2. Dynamic Pricing & Fares (02:13 – 04:11)

• Customer Concerns: Dani Burger shares personal frustration that Amtrak’s superior experience now often comes with higher prices than flying (even on non-Acela trains), prompting some customers to opt for air travel.
• Pricing Dynamics:
  • Harris acknowledges the challenge: surge demand naturally drives ticket costs higher.
  • Low prices fill trains too quickly, leaving no seat availability for last-minute travelers.
• Capacity as Solution:
  • The new Acela trains offer 27% more seats than previous models.
  • Amtrak plans to have 24 new Acela trains in service by the end of the year, with additional new fleet expansions to follow.
• Quote:
  • “It’s supply and demand, right? If we lower the prices too much, then the trains fill up too soon and there isn’t a seat available for that last-minute customer... The answer is really more capacity.”
    — Roger Harris (03:06)

3. Why American Trains Aren’t High-Speed (04:11 – 05:36)

• Host’s Frustration: Matt Miller compares U.S. train speeds unfavorably to Germany’s efficient 200-mph trains and asks why the U.S. hasn’t caught up.
• Infrastructure Limitations:
  • Harris points out that while some Amtrak trains could go faster, century-old infrastructure (tracks, electrical systems) is the bottleneck.
• Long-Term Upgrades:
  • Replacing this aged infrastructure is ongoing but slow and expensive.
• Quote:
  • “Many of the trains we have can go faster than the infrastructure allows... That infrastructure...basically 100 years old, and trains didn’t go that fast 100 years ago.”
    — Roger Harris (04:56)

4. Federal Funding Challenges & Infrastructure Projects (05:36 – 06:54)

• Political Headwinds:
  • During a recent government shutdown, President Trump terminated $16 billion in federal funding for a new Northeast Corridor tunnel.
• Harris’s Position:
  • Emphasizes the importance of not interrupting current projects: delays can massively increase costs.
  • Some ongoing projects continue as long as funds remain, e.g., rehabilitating East River Tunnels, with one reopening by July 2026.
• Quote:
  • “The most important thing is to not have these projects get interrupted, because that’s when things start to cost a lot more money.”
    — Roger Harris (06:28)

5. Amtrak Leadership & White House Relations (06:54 – 07:55)

• Leadership Turbulence:
  • CEO Stephen Gardner was asked to resign early in the Trump administration; Harris addresses questions about potential further changes.
• Relationship with Current Administration:
  • Harris reports generally effective cooperation, focusing on shared goals of building modern infrastructure.
  • A recent example: The Portal North Bridge project, which will support both Amtrak and NJ Transit.
• Quote:
  • “We want to get this infrastructure built...there’s real, tangible evidence of this investment.”
    — Roger Harris (07:13)

6. Day-to-Day Operations: NJ Transit vs. Metro-North (07:55 – 09:05)

• Commuter Challenges:
  • Host Matt Miller laments NJ Transit’s chronic delays and reliability issues, comparing it unfavorably to Metro-North.
• Limited Under-River Capacity:
  • Only two rail tunnels connect Manhattan and New Jersey, versus four for the East River and a higher capacity into Grand Central.
• Ongoing Struggles:
  • All railroad operators face daily challenges from old infrastructure—even “good” systems feel the pinch.
• Quote:
  • “All railroads have a really hard time every day facing...the reality of old infrastructure and the reality of the operation.”
    — Roger Harris (08:32)

Notable Quotes & Memorable Moments

• “We just had our record year in terms of ridership. ... That allows us to invest in new product like the new trains…”
  — Roger Harris (00:54)

• “If we lower the prices too much, then the trains fill up too soon and there isn’t a seat available for that last-minute customer...”
  — Roger Harris (03:06)

• “Many of the trains we have can go faster than the infrastructure allows.”
  — Roger Harris (04:56)

• “The most important thing is to not have these projects get interrupted, because that’s when things start to cost a lot more money.”
  — Roger Harris (06:28)

• “All railroads have a really hard time every day facing...the reality of old infrastructure and the reality of the operation.”
  — Roger Harris (08:32)

Timestamps for Key Segments

• Amtrak’s record year and upgrades: 00:54–02:13
• Ticket pricing & demand dilemmas: 02:13–04:11
• High-speed rail vs. the world: 04:11–05:36
• Government funding interruptions: 05:36–06:54
• Leadership changes & admin relations: 06:54–07:55
• Metro-North vs. NJ Transit & infrastructure limits: 07:55–09:05

Tone:
The conversation flows with a practical, direct approach—balancing optimism about growth and innovation with candid acknowledgment of real-world constraints and frustrations echoed by both hosts and Amtrak’s president. Dialogues, especially Dani’s and Matt’s passenger experiences, keep the discussion grounded and relatable for listeners.