Browse > Home / Aeronautics News, Commercial / Air Transport Association Applauds Senator Reid and Other Sponsors of S. 3268

Air Transport Association Applauds Senator Reid and Other Sponsors of S. 3268

Written by thomas · Filed Under Aeronautics News, Commercial 

July 17, 2008

thomas

Says Bill Is Good for Americans; Would Limit Excessive Oil Speculation

WASHINGTON, July 16 /PRNewswire-USNewswire/ — The Air Transport
Association of America (ATA), the industry trade organization for the
leading U.S. airlines, today issued the following statement in response to
S. 3268 – Stop Excessive Speculation Act, sponsored by Senate Majority
Leader Harry Reid (D-NV):

“Millions of U.S. voters have asked Congress to act immediately to
limit rampant oil speculation, which has been significantly driving up fuel
prices. Congress listened. Sen. Reid and others introduced S. 3268 – Stop
Excessive Speculation Act, a bill that accomplishes our most important goal
of putting reasonable limits on excessive speculation,” said ATA President
and CEO James C. May. “We are pleased that Sen. Reid and other sponsors
have taken this matter so seriously. This bill is good for Americans and
the U.S. economy and it is a good first step toward ensuring that formerly
“dark” over-the-counter markets will now be required to do business in the
sunshine and ensure that no one entity unduly controls the market.”

May added that this bill creates a much needed distinction between
legitimate hedgers and those who are in the market for purely speculative
purposes. “This ensures that traders with no relationship to the physical
product no longer can take advantage of existing loopholes,” said May. “The
bill would close the ‘Foreign Board of Trade’ or ‘London’ loopholes by
requiring transparency and limits similar to those required for trading on
U.S. exchanges.”

Other sponsors of the bill are Assistant Senate Majority Leader Richard
Durbin (D-IL), Democratic Conference Secretary Patty Murray (D-WA) and
Democratic Policy Committee Chairman Byron Dorgan (D-ND).

Today’s oil price bubble is unfairly taxing American families and
restricting our nation’s economic potential. Every time products such as
food or gas are purchased, consumers are impacted by unregulated, secretive
and often foreign commodities futures markets. Speculators in these markets
are increasingly buying and selling commodities such as oil to sell again,
rather than to use. As largely unregulated speculators pocket billions of
dollars at the expense of U.S. consumers, the price of commodities has
increased out of proportion to marketplace demands.

As a result, legitimate customers such as trucking companies, airlines
and consumers have been forced to purchase oil at unnecessarily higher
prices. This has dramatically raised costs, resulting in needlessly high
prices for consumers and businesses.

Something can be done to stop oil speculation, now: visit
http://www.StopOilSpeculationNow.com. ATA and its Stop Oil Speculation Now
coalition urges all concerned citizens to send a message to their
congressional representatives, urging support of S. 3268, which will be
brought to the floor for a procedural vote this week.

The Stop Oil Speculation Now coalition is a diverse and growing
organization of industries, businesses, labor groups and ultimately
concerned citizens united in support of responsible energy policies and
prices. The coalition includes: ABX Air, Inc., Aerolitoral, Agricultural
Retailers Association, Air Canada Jazz, Air Carrier Association of America,
Air Line Pilots Association, International Air Transport Association, Air
Wisconsin, Aircraft Owners and Pilots Association, AirNet Systems Inc.,
Airports Council International – North America, AirTran Airways, Alaska
Airlines, Inc., ALMA de Mexico, American Airlines, Inc., American
Association of Airport Executives, American Bus Association, American
Eagle, American Moving and Storage Association, American Society of Travel
Agents, American Trucking Associations, Association of Corporate Travel
Executives, ASTAR Air Cargo, Inc, Atlantic Southeast Airlines, Atlas Air,
Inc., Cape Air, Cargo Airline Association, Chautauqua Airlines, Inc.,
Colgan Air, Inc., Comair, CommutAir, Compass Airlines, Continental
Airlines, Inc., Delta Air Lines, Inc., Delta Connections, Empire Airlines,
Era Aviation, Evergreen International Airlines, Inc., ExpressJet, Federal
Express Corporation, Flight Options, Frontier Airlines, Inc., Gasoline &
Automotive Service Dealers of America, GoJet Airlines, Grand Canyon
Airlines, Great Lakes, Gulfstream, Hawaii Island Air, Hawaiian Airlines,
Horizon Air, IBC Airways, International Brotherhood of Teamsters, JetBlue
Airways Corp., Mesa Airlines, Mesaba Airlines, Messenger Courier
Association of the Americas, Midwest Airlines, National Business Aviation
Association, National Business Travel Association, National School
Transportation Association, New England Airlines, New England Fuel
Institute, Northwest Airlines, Inc., Petroleum Marketers Association of
America, Piedmont Airlines, Inc., Pinnacle, PSA, Regional Airline
Association, Republic Airlines, Salmon Air, Scenic Airlines, Shuttle
America, Skybus Airlines, Skywest, Southwest Airlines Co., Spirit Airlines,
Inc., Trans States, TripplerTravel.com, Truckers and Citizens United,
TruthOnOil.org, Twin Otter International, United Airlines, Inc., United
Motorcoach Association, UPS Airlines and US Airways, Inc.

SOURCE Air Transport Association

Link to this page:

Link to this page

» Próximo Post - Boeing, Air China Announce Agreements for Boeing 777s and 737s
« Post Aneterior - Heli Malongo Selects S-76C++(TM) Helicopter for New Search and Rescue Service

Comments

¿Tiene algo que decir?

You must be logged in to post a comment.