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

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



    WASHINGTON, July 16 /EMWNews/ -- 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.



    In addition, the Stop Oil Speculation Now coalition is absolutely

committed to supporting efforts to responsibly improve our nation's energy

supply.



    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.