Airlines: Curb oil speculation

NEW YORK (CNNMoney.com) — Hundreds of grounded planes. Thousands of lost jobs. Nearly two dozen price hikes. Record oil prices have battered the airline industry, and Wednesday the airlines called on Congress to act.

In an open letter to all airline customers, CEOs from 12 of the nation’s airlines said lawmakers must curb excessive speculation to scale back record fuel costs.

“Normal market forces are being dangerously amplified by poorly regulated market speculation,” the letter said. “The nation needs to pull together to reform the oil markets and solve this growing problem.”

The airline industry said that Congress’ previously established regulations to control excessive market speculation have largely been weakened or removed in the past two decades.

CNN Money