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By Jim Douglas |
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April 20, 2010 -
AirTran Airways, a subsidiary of AirTran Holdings, Inc. today made
public its support of legislation, “Wall Street Transparency and
Accountability Act of 2010” introduced by U.S. Sen. 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. |
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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 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. AirTran Airways, a
subsidiary of AirTran Holdings, Inc. (NYSE: AAI) and a Fortune 1000
company, has been ranked the number one low cost carrier in the Airline
Quality Rating study for the past three years.
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