Thursday, July 10, 2008

Airlines Join Together.

Obviously the airlines are hurting from rising fuel costs as well but I felt good to see the airlines join together to use their power and influence to try and do something good for all of us. I received this letter from Delta and United Airlines.

Hello Mrs. Rhoads,

Our country is facing a possible sharp economic downturn because of skyrocketing
oil and fuel prices, but by pulling together, we can all do something to help now.

For airlines, ultra-expensive fuel means thousands of lost jobs and severe
reductions in air service to both large and small communities. To the broader economy, oil prices mean slower activity and widespread economic pain. This
pain can be alleviated, and that is why we are taking the extraordinary step of
writing this joint letter to our customers.

Since high oil prices are partly a response to normal market forces, the nation
needs to focus on increased energy supplies and conservation. However, there
is another side to this story because normal market forces are being dangerously amplified by poorly regulated market speculation.

Twenty years ago, 21 percent of oil contracts were purchased by speculators
who trade oil on paper with no intention of ever taking delivery. Today, oil
speculators purchase 66 percent of all oil futures contracts, and that reflects
just the transactions that are known. Speculators buy up large amounts of oil
and then sell it to each other again and again. A barrel of oil may trade 20-plus
times before it is delivered and used; the price goes up with each trade and consumers pick up the final tab. Some market experts estimate that current
prices reflect as much as $30 to $60 per barrel in unnecessary speculative costs.

Over seventy years ago, Congress established regulations to control excessive,
largely unchecked market speculation and manipulation. However, over the past
two decades, these regulatory limits have been weakened or removed. We believe that restoring and enforcing these limits, along with several other modest
measures, will provide more disclosure, transparency and sound market oversight. Together, these reforms will help cool the over-heated oil market and permit the economy to prosper.

The nation needs to pull together to reform the oil markets and solve this

growing problem.

We need your help. Get more information and contact Congress by visiting www.StopOilSpeculationNow.com.

Richard Anderson
Gerard J. Arpey

Richard Anderson
CEO
Delta Air Lines, Inc.


Gerard J. Arpey
Chairman, President and CEO
American Airlines, Inc.




Bill Ayer
Dave Barger

Bill Ayer
Chairman, President and CEO
Alaska Airlines, Inc.


Dave Barger
CEO
JetBlue Airways Corporation




Mark B. Dunkerley
Robert Fornaro

Mark B. Dunkerley
President and CEO
Hawaiian Airlines, Inc.


Robert Fornaro
Chairman, President and CEO
AirTran Airways




Timothy E. Hoeksema
Lawrence W. Kellner

Timothy E. Hoeksema
Chairman, President and CEO
Midwest Airlines


Lawrence W. Kellner
Chairman and CEO
Continental Airlines, Inc.




Gary Kelly
Douglas Parker

Gary Kelly
Chairman and CEO
Southwest Airlines Co.


Douglas Parker
Chairman and CEO
US Airways Group, Inc.




Douglas M. Steenland
Glenn F. Tilton

Douglas M. Steenland
President and CEO
Northwest Airlines, Inc.


Glenn F. Tilton
Chairman, President and CEO
United Airlines, Inc.



S.O.S. NOW

2 comments:

Amy Sue said...

I can't fix the text on this post but if you want me to I can forward the email to you...

Melissa said...

Well at least we know of two companies that hold some kind of power that may try to do SOMETHING about this oil crisis. It is getting really scary! Gas has not been below $4.00 for a few weeks around here. Right now we are at around $4.20!!! Ugh. Love you.