Air Transport Association Announces Full Endorsement of Sen. Lincoln Legislation to Limit Speculation in Commodity Futures Markets

WASHINGTON, April 16 /PRNewswire-USNewswire/ -- The Air Transport Association of America (ATA), the industry trade organization for the leading U.S. airlines, today thanked Sen. Blanche Lincoln, D-AR, for introducing aggressive legislation that supports the values of Main Street over the interests of Wall Street. Sen. Lincoln's legislation will protect American families from rising gasoline prices by limiting manipulation and unchecked speculation in the commodity futures markets.

In a letter, ATA praised Sen. Lincoln for her leadership on this important issue and announced its full endorsement of the Wall Street Transparency and Accountability Act of 2010. ATA President and CEO James C. May wrote, "It is clear that excessive speculation is responsible for current oil prices being 145 percent greater than 2009 lows. Your leadership provides hope to average Americans that our government can help stop the reckless greed on Wall Street."

When jet fuel prices spiked in 2008 as a result of rampant oil speculation, the aviation industry experienced one of the worst economic crises in its history. The spikes also had a devastating effect on the larger economy. ATA noted that the legislation introduced by Sen. Lincoln today "will close loopholes, increase transparency and promote stability in the commodity markets," resulting in benefits not only for the transportation sector and other industries but for all Americans.

Annually, commercial aviation helps drive more than $1 trillion in U.S. economic activity and nearly 11 million U.S. jobs. ATA airline members and their affiliates transport more than 90 percent of all U.S. airline passenger and cargo traffic. For more industry information, visit www.airlines.org. To learn more about oil speculation and its effects on the American economy, or to tell your member of Congress now that you demand action, now, please visit www.StopOilSpeculationNow.com.

SOURCE Air Transport Association