An extension to Newton for the Heartland Flyer will be nothing short of transformational for that service. Not only will it give us in OKC more options in our connections to the national passenger rail network, but overhead traffic will increase as well; on it's current schedule, a single train shuttling back and forth between Fort Worth and Newton, via OKC, perfectly interfaces with the schedules for the Texas Eagle and the Southwest Chief. Given that both Newton and Fort Worth offer checked baggage service, sufficient overhead traffic could enable us to have checked baggage service here in OKC as well (and I know that's in the long-range plan for Santa Fe Station, assuming funding is available). Such an extension would serve to strengthen the national passenger rail network as well, giving passengers flexibility and options they wouldn't have before, even if their destination wasn't in Oklahoma.
As for the Eastern Flyer, you're right - studies have already identified that the ideal option is to build a railway along most of I-44. Even at normal US passenger speeds of 80mph, it's a superior route than the ex-Frisco route to Tulsa (the Sooner Sub). But that's going to cost a LOT of money, as you noted. The Sooner Sub is still a viable route, and would still be adequate to get service going; Frisco ran that route for decades (both the Meteor and the Will Rogers trains), making the trip in as little as 2 hours and 20 minutes. With the right amenities, the right departure times, and sufficient frequency, a new service over this same line would still work, and work well. Trains aren't about getting to your destination as quickly as possible; if you want that, take a flight. Trains are about getting to your destination unburdened by the travel experience.
As for increased frequency of service... I just don't think there's enough demand now or in the near future to warrant that level of service, even though I'd love to see it. That would be a higher frequency of service than OKC enjoyed even during the peak of the passenger rail era. Personally, I'd be more than happy with 2x-day service in each direction (so each stop sees 4 trains daily); have one train in Newton start south, and one train in Fort Worth start north, at the same time. This would give each community along the line 2 trains a day in each direction, approximately 12 hours apart.
Just FYI, the current maximum speed of the Heartland Flyer is 80mph, and it does every bit of that for a majority of the 206-mile route. When you take into account in station stops at the intermediate cities, the train averages about 52mph. Part of the problem with making it go faster is that Amtrak doesn't own the rails that the Heartland Flyer uses - that's owned by BNSF. They maintain their trackage through Oklahoma City at
Class 4 standards, which allows freight to travel at up to 60mph and passenger trains to travel at up to 80mph. When you start going beyond Class 4, infrastructure costs get much, much higher as tighter tolerances are required, and additional safety mechanisms are needed - stuff that really isn't necessary for freight. As a result, freight operators like BNSF are extremely reluctant to put significant sums of money into upgrading lines to standards that only passenger trains will really take advantage of. The only real way to get around this would be for the passenger operators to own their own rails - either by Amtrak buying lines, or having the railroad companies take back operation of passenger trains like they used to do back in the day. Unfortunately, I just don't really see either happening.
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