Rail incidents involving release of crude oil from train tank cars is a safety concern. The objectives of this study are identification and quantification of the impacts of different factors on types and consequences of crude oil release from trains, and investigation of the impacts of types and consequences of release on the resulting costs. Two separate multinomial models for types of release (gas dispersion, spillage or both) and consequences of release (fire, explosion or none), and one joint multinomial model were estimated using 10-year crude oil release data. Non-accident releases were associated with higher probability of gas dispersion, lower probability of fire and explosion, and lower costs. Tank car head puncture resistance system and tank car insulation increased the probability of gas dispersion. Increase in quantity of spillage, increased the probability of fire and explosion, significantly. Robust linear regression models captured the effects of types and consequences of release on postrelease costs. While sufficient evidence was not found regarding a relationship between types of release and costs, fires and explosions significantly increased the costs. These findings can assist decision-making regarding safety improvement of rail-based crude oil transportation.