Kyle forwarded me an email he got from Delta, that I feel I should pass on to the 3 people who read my blog.

Stop Oil Speculation Now

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
CEO
Delta Air Lines, Inc.

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

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

Dave Barger
CEO
JetBlue Airways Corporation

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

Robert Fornaro
Chairman, President and CEO
AirTran Airways

Timothy E. Hoeksema
Chairman, President and CEO
Midwest Airlines

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

Gary Kelly
Chairman and CEO
Southwest Airlines Co.

Douglas Parker
Chairman and CEO
US Airways Group, Inc.

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

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

Do what you can, take a stand; If I rhyme again, I”ll sound like Dylan.

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