ATA responds to House decision on petroleum reserve.
Press Release Summary:
Disappointed in the House decision not to release oil from the Strategic Petroleum Reserve (SPR), ATA President and CEO James C. May said, "A staggered release of oil from the Strategic Petroleum Reserve would have both short- and long-term impact on reducing the price of oil." May added that a Congressional package should stop excessive speculation in the oil commodities markets, remain focused on environmentally sound supply-side solutions, and immediately begin releasing 10% of the SPR.
Original Press Release:
Air Transport Association Responds to House Vote Not to Release Strategic Petroleum Reserve
WASHINGTON, July 24, 2008 - The Air Transport Association of America (ATA), the industry trade organization for the U.S. airlines, today issued the following statement in response to the House decision not to release oil from the Strategic Petroleum Reserve (SPR):
"We are disappointed with the outcome of the House vote. A staggered release of oil from the Strategic Petroleum Reserve would have both short- and long-term impact on reducing the price of oil," said ATA President and CEO James C. May. "We sincerely hope that Congress will put aside its partisan differences and agree on a comprehensive package before recessing for the summer."
May added that the package should include a three-pronged approach: stop excessive speculation in the oil commodities markets, remain focused on environmentally sound supply-side solutions, and immediately begin releasing 10 percent of the SPR. "Congress must act now," said May.
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
David Castelveter
202-626-4033
