Broad Coalition Supports Stupak PUMP Act - Urge Congress to Close Commodity Trading Loopholes

Commercial aviation helps drive more than 10M American jobs and 5 cents of every dollar of U.S. GDP
Commercial aviation drives more than $1 trillion per year in economic activity
In 2012, U.S. airlines moved more than 48,000 tons of cargo per day
In 2012, the value of a kilogram of U.S. merchandise exported by air averaged 121 times the value exported by sea
For every 100 airline jobs, some 360 are supported outside of the airline industry
Federal taxes constitute $61 – or 20% – of the price of a typical $300 domestic round-trip ticket
In 2011, U.S. airlines carried 16 percent more passengers and cargo using 10 percent less fuel than in 2000
Domestically, airlines drive 5% of economic activity but account for 2% of man-made GHG emissions
From 2000-2011, airlines reduced GHG emissions by 11% while transporting 16% more passengers and cargo
From 1975-2011, U.S. airlines and their partners reduced significant noise exposure by 99%
Commercial air travel is the safest form of intercity transportation in the United States
In the most recent decade, scheduled air service on U.S. airlines was seven times safer than in the 1970s
From 2000-2012, U.S. airlines improved the on-time arrival rate from 72.6% to 81.9%
From 2000-2012, U.S. airlines reduced the flight cancellation rate sharply from 3.30% to 1.29%
Airfares are a bargain: From 2000-2012, U.S. CPI rose 33% while average domestic fare rose just 13%
Adjusted for inflation, the average round-trip domestic airfare fell 15% from 2000
2007 domestic flight delays cost the United States approximately $31 billion
In 2012, the value of U.S. merchandise exported by air reached an all-time high of $427B
In 2012, U.S. exports of air-travel services reached an all-time high of $39.5B, driving a $5.1B trade surplus
In 2012, U.S. passenger and cargo airlines spent more than $50B on fuel, averaging 36% of operating expenses
In 2012, U.S. airlines posted the lowest annual rate of mishandled baggage ever recorded
FAA projects U.S. air travel demand to top 1 billion passengers in 2027
In 2012, US airlines flew 83.4 million passengers in scheduled international service - a record high
In 2012, the total value of merchandise exported from or imported to the United States by air exceeded $927 billion
In 2012, 7.15 teragrams of merchandise was exported from or imported to the United States by air

	Broad Coalition Supports Stupak PUMP Act - Urge Congress to Close Commodity Trading Loopholes
	PubZone1 June 20, 2008 The Honorable Bart Stupak, Chairman Subcommittee on Oversight and Investigation Committee on Energy and Commerce United States House of Representatives Washington, DC 20515 Dear Mr. Chairman: Ten days ago, a broad coalition of consumer, labor, and business organizations joined to advocate immediate reforms in the widely-speculative energy commodity futures markets. While a long-term, rational energy policy including increased supply is our ultimate goal, bipartisan, near-term solutions to the market frenzy are absolutely critical. Experts agree that today’s surging oil prices are beyond those warranted by supply-demand fundamentals and are due, in large part, to rampant speculation. In early June, speculators traded more than 1.9 billion barrels of crude oil – 22 times the size of the physical oil market, including $150 billion traded on the New York Mercantile Exchange alone. Sophisticated “paper” speculators who never intend to use oil are driving up costs for consumers and making huge profits with little to no risk. With your leadership, we see an end to the current unwarranted escalation in oil prices. All coalition members are pleased to endorse and to pledge our full support for the prompt enactment of your proposed “Prevent Unfair Manipulation of Prices Act of 2008.” The PUMP Act will apply a much needed brake on rampant energy commodity speculation to drive down unprecedented, surging oil prices crippling the economy. The heart of PUMP is Section 2 that extends CFTC jurisdiction over energy commodities that now enjoy a host of trading loopholes. Specifically, we applaud your bill’s focus on opening up the market to greater transparency and fairness to level the playing field for all traders. We fully support the bill, including strong provisions that: bring over-the counter energy commodities within CFTC’s oversight responsibilities; close the “swaps loophole” by extending CFTC regulatory authority to swaps involving energy transactions, another important step towards needed transparency; extend CFTC regulatory authority to energy transactions on foreign boards of trade that provide for delivery points in the United States, a common sense measure as other products delivered in the United States are subject to the full panoply of United States regulation, save energy commodities; and require CFTC to set aggregate position limits on energy contracts for a trader over all markets, ensuring that traders do not corner markets by amassing huge positions and playing one exchange off another. The undersigned strongly endorse the PUMP Act, urge Congress to act promptly, and pledge our full support for your efforts. Air Carriers Association of America Air Line Pilots Association Airports Council International Air Transport Association Air Travelers Association American Association of Airport Executives American Society of Travel Agents Association of Professional Flight Attendants Industrial Energy Consumers of America International Association of Machinists International Brotherhood of Teamsters National Air Traffic Controllers Association National Business Travel Association National Farmers Union Regional Airline Association PubZone2	A4A advocates measures to support aviation safety, security and well-being.