Crude Oil goes up $5 in twenty minutes - Airlines Pissed
 

Airlines are pissed and sending out emails.


An open letter to all airline customers


Dear Mr. Kenny M xxxxxx,

Last week, crude oil hit an all-time high of $146, and the skyrocketing cost of fuel is impacting our customers, our employees, the communities we serve, and the economy as a whole. United, and the majority of other major U.S. airlines, are asking our most loyal customers to join us in pushing for legislation to add more transparency and disclosure in the oil markets. Please see the attached open letter from the leaders of the U.S. airline industry.



An Open letter to All Airline Customers:

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.

Not that the airlines haven't prepaid for at least a bajillion years to ensure their supply.

..but please, waste more database.

bout fucking time!

I think you should go get a drink of water.

this might put a fire under the governments ass

GoldMan Sachs says otherwives:
"Goldman Sachs Says Demand, Not Speculators, Cause of Oil Rally"

wait, they made money most money in 2Q as follows :
* betting on oil
* underwriting fees for under-capitalized banks
* reduced taxes

do you think your goverment will go against Goldman Sachs? :1orglaugh

of course, there are supply problems, but there is a huge speculator interest too.
Currently USD trades as sort of anti-oil currency due FED and its monetary policy.

As I already posted here:

NAZI!!!!!!!!!!!!

Not for nothing... It is the fucking speculators fucking us... I overheard a bunch of spoiled rich kids talking about this shit at a party I was at... They were boasting about how much money they are banking with daddys money in the oil markets.

It is them that is fucking us.

Last week didn't it swing over $10 then today it's up over $5 a barrel. Something as well known and as well studied as oil shouldn't be moving that much.

Speculators are a huge part of this. Just like the other guy said about the number of people buying oil with no intention of delivery. The same thing is happening with electricity and natural gas which is why my heating bill has more than doubled. They deregulated it and now investment banks are in the natural gas business just buying up gas and re-selling just to turn a profit. Same with electricity.

The energy markets are really out of control.

Here are the the signers of the email. Did anybody else receive this email?

Robert Fornaro
Chairman,
President and CEO
AirTran Airways

Bill Ayer
Chairman,
President and CEO
Alaska Airlines, Inc

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

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

Richard Anderson
CEO
Delta Air Lines, Inc

Mark B. Dunkerley
President and CEO
Hawaiian Airlines, Inc

Dave Barger
CEO
JetBlue Airways
Corporation

Timothy E. Hoeksema
Chairman,
President and CEO
Midwest Airlines

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

Gary Kelly
Chairman and CEO
Southwest Airlines Co.

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

Douglas Parker
Chairman and CEO
US Airways Group, Inc

I have flown on five of those airlines within the past 18 months and I did not receive this e-mail. When did you get it?

They sent it to me today.

There really is nothing I can do to help them. My representative is already one of the congressmen attempting to curb speculation.

I have a bunch of frequent flyer miles with United.

Maybe thats why I got it.

You also have a senator that represents you. And a governor.

Can't believe such a thing got no news coverage on any of the business sites. Could it be a fake?

It took me all of 2 minutes to find some. :winkwink:

http://news.google.com/news?sourceid...&sa=N&tab= wn