ATA praises Sens. Lincoln and Cantwell for their leadership in facing off with Wall Street
20-Apr-2010 The Air Transport Association of America (ATA), the industry trade organization for the leading U.S. airlines, issued the following statement today, following a press conference held in support of transparency and tough regulatory oversight of derivatives trading and commodities markets to end abusive trading practices:
"We thank Senator Cantwell for her ongoing leadership and also endorse Senator Lincoln's bill - the "Wall Street Transparency and Accountability Act of 2010," said ATA President and CEO James C. May. May joined Cantwell, Lincoln, AirTran Airways Chairman, President and CEO Bob Fornaro and others, today at a press conference supporting comprehensive congressional action. "If we do not control the fuel price spikes and volatility, our nation's economic recovery will stall," said May.
May said that the price of a barrel of crude oil is 78 percent higher than just one year ago, with volatility driven by excessive speculation. "In 2008, we used the same amount of fuel as we did in 2003 - but it cost us $42 billion more," said May. "Senator Lincoln's bill will make the financial and energy markets more transparent and stable, help prevent manipulation and unacceptable risk-taking."
"The U.S. airlines are fully behind Senator Lincoln and this strong set of reforms, as she has chosen Main Street's values over Wall Street's greed," said May.
"The run-up in oil prices from less than $30 per barrel in 2003 and the ensuing volatility has created a casinolike environment for most end-users, with Wall Street holding most of the cards," said Fornaro. "We need to let supply and demand determine what consumers pay, not speculators in an unregulated environment.
"The U.S. airlines are solidly behind Senator Lincoln and we thank her for her strong leadership," said Fornaro.
Annually, commercial aviation helps drive more than $1 trillion in U.S. economic activity and nearly 11 million U.S. jobs. ATA airline members and their affiliates transport more than 90 percent of all U.S. airline passenger and cargo traffic. For more industry information, visit www.airlines.org. To learn more about oil speculation and its effects on the American economy, or to tell your member of Congress that you demand action, now, please visit www.StopOilSpeculationNow.com.