This is an idea that is about 50 years late. With pumping slowing down in the basin I can't imagine this project will ever be built. It sure would be nice to get those trucks off the roads, but then, that whole trucking industry based around the basin would collapse with many many jobs lost and families needing to relocate. There would be a big net lost of jobs in that area if they build the railroad.
One thing for sure, if they do build, there will be a few more billionaires with only a few locals picking up some scraps.
The environmental impact both locally and World wide is way too complicate for me to way in on...I just wish we would hurry up and get off our burning fossil fuels addiction.