STATEMENT
WASHINGTON, June 24, 2009 – The Air Transport Association of America, the industry trade organization for the leading U.S. airlines, today commented on the Senate Permanent Subcommittee on Investigations report, Excessive Speculation in the Wheat Market.
“High oil and gasoline prices are being driven by the same forces that drove high wheat prices – huge increases in commodities and swaps trading in the oil markets, combined with a lack of aggregate position limits. High energy prices will stymie the nation's economic recovery, hitting families and businesses hard. Congress should act now to rein in excessive speculation to avoid a repeat of last summer's astronomical oil and gas prices,” said ATA President and CEO James C. May.
ATA airline members and their affiliates transport more than 90 percent of all U.S. passenger and cargo traffic. For additional industry information, visit www.airlines.org.
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