Tue, Sep 23, 2008
Reacts To Largest One-Day Oil Price Gain In NYMEX History
If you're looking for some good news about the economy... don't
read this. The Air Transport Association (ATA) -- lobbying group
for the nation's largest airlines -- reacted Monday to oil's
largest one-day price gain in NYMEX history... stating the record
increase reaffirms that speculation is playing a significant role
in driving up the price.
Reversing recent price decreases, Monday's oil spiked at $130
per barrel, closing at $120.92 per barrel -- the largest one-day
price gain in NYMEX history. Although ATA recognizes the impact of
the financial crisis on Wall Street, the weak dollar and the
aftermath of Hurricane Ike, the unprecedented 16 percent jump over
the weekend -- from $104.55 per barrel last Friday to $120.92 per
barrel Monday -- also reflects the impact of excessive energy
"The market's extreme volatility suggests that speculators, who
withdrew tens of billions of dollars from the commodities markets
when Congress threatened to tighten oversight of excessive and
harmful speculation, breathed a sigh of relief last week when
action in the Senate seemed unlikely and returned to the energy
markets in full force," said ATA President and CEO James C. May.
"Well, speculators are back and prices are up."
May again called for a bipartisan approach to reining in
excessive energy speculation, stating Congress must pass a
comprehensive energy plan or all Americans will pay the price as
oil prices return to or exceed this summer's record levels.
ATA airline members and their affiliates transport more than 90
percent of all US airline passenger and cargo traffic.
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