AirTran Airways supports legislation to limit oil speculation

Blanche Lincoln, D-Ark., to limit excessive speculation in the oil markets and put Main Street's interests ahead of Wall Street's.

Several other senators, including Sen. Maria Cantwell, D-Wash., have praised the bill as one that would bring strong derivative regulation to an otherwise unchecked market.

Today, Wall Street traders artificially drive up prices of heating oil, gasoline, diesel, and jet fuel through unchecked speculation in ways not associated with regular supply and demand fundamentals in order to reap billions of dollars of financial rewards. These traders have absolutely no plans of ever taking delivery of these products. At the same time, the American consumer is negatively impacted by this unnatural volatility and is forced to pay higher prices for these commodities as well as goods and services in associated industries, including air travel.

Speaking at a Washington D.C. press conference on the issue, AirTran Airways Chairman, President and Chief Executive Officer Bob Fornaro said, "The rampant and unregulated speculation in this commodity has crippled and handicapped the U.S. airline industry while severely impacting the U.S. consumer. We need to let supply and demand determine what consumers pay, not speculators in an unregulated environment."

One example of the impact of these unnatural forces on the market is the price of crude oil, the industry benchmark for jet fuel. Global demand for oil is down and production is significantly up, yet yesterday the closing price of a barrel of crude oil was $81.45. This is more than 75 percent higher than the price one year ago today.

AirTran Airways urges consumers to support this legislation. For more information on the issue and to contact your legislator, visit: www.stopoilspeculationnow.com.