ATA disappointed with Congressional failure to pass HR 6604.
Press Release Summary:
According to ATA President and CEO, James C. May, ATA was disappointed that House of Representatives did not pass Commodity Markets Transparency and Accountability Act, which would have been first step toward curbing excessive speculation that has contributed to massive run-up in oil prices. ATA will still continue to urge strong, bipartisan action by Congress on both speculation and energy development.
Original Press Release:
Air Transport Association Expresses Disappointment with Congressional Failure to Act on Speculation, Renews Commitment to Push for Legislation
WASHINGTON, July 30, 2008 - The Air Transport Association of America (ATA), the industry trade organization for the U.S. airlines, issued the following statement in response to the House of Representatives' failure to pass the Commodity Markets Transparency and Accountability Act (HR 6604):
"We are disappointed that the House of Representatives was unable to take even this modest first step toward curbing the excessive speculation that has contributed to the massive run-up in oil prices," said ATA President and CEO James C. May. "Unfortunately, this signals to the speculator community that more profits can still be leveraged at the expense of the American consumer. Just today, we are seeing another example of a self-serving 'expert prediction' of $150 per barrel oil, followed by a substantial price spike," May said.
"While we are disappointed with today's vote, we will continue to urge strong, bipartisan action by Congress on both speculation and energy development. This is too vital an issue to the entire economy for anyone to accept inaction," May said.
ATA airline members and their affiliates transport more than 90 percent of all U.S. airline passenger and cargo traffic. For additional information about the industry, visit www.airlines.org. To tell your member of Congress that you demand action now to stop excessive oil speculation, visit www.StopOilSpeculationNow.com.
CONTACT:
Elizabeth Merida
202-626-4205
Victoria Day
202-626-4141
