Browse > Home / Aeronautics News / Statement by Captain Steve Wallach, Chairman of the United Master Executive Council Of the Air Line Pilots Association, Regarding SS. 3130, ‘The Increasing Transparency and Accountability in Oil Prices Act of 2008.’

Statement by Captain Steve Wallach, Chairman of the United Master Executive Council Of the Air Line Pilots Association, Regarding SS. 3130, ‘The Increasing Transparency and Accountability in Oil Prices Act of 2008.’

Written by thomas · Filed Under Aeronautics News 

June 17, 2008

thomas

CHICAGO, June 17 /PRNewswire-USNewswire/ — The following is a
statement by Captain Steve Wallach, Chairman of the United Master Executive
Council of the Air Line Pilots Association:

“The Increasing Transparency and Accountability in Oil Prices Act of
2008 represents a welcome and common sense approach toward reforming our
nation’s oil industry. The skyrocketing price of oil not only threatens the
future and viability of our domestic airlines, it is undercutting the
long-term health of our nation’s economy. I applaud Sen. Richard Durbin
(D-Ill.) and his colleagues for acting with urgency in scheduling today’s
congressional hearings regarding this Act. It is time that the oil industry
undergoes reform, and that transparency in the energy commodity futures
market will help align the price of oil with supply and demand.

“The skyrocketing and seemingly uncontrollable price of oil is
hamstringing Americans and the business community. Speculative trading in
the oil markets is inflating the price of oil. Our nation’s airline
industry is feeling the brunt of these prices. It is my hope — and the
hope of the 7,400 United Airlines pilots I represent — that Sen. Durbin
and his colleagues will succeed in increasing the abilities of the
Commodity Futures Trading Commission to regulate oil futures trading and
laying the groundwork for reining in escalating oil prices.”

SOURCE United Chapter, Air Line Pilots Association

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