CONTACT: Elizabeth Merida
202-626-4205
Victoria Day
202-626-4141

Air Transport Association Reacts to Largest One-Day Oil Price Gain in NYMEX History
Volatility Affirms Speculation's Role

WASHINGTON, Sept. 22, 2008 - The Air Transport Association (ATA), the industry trade organization for the major U.S. airlines, today reacted to oil's largest one-day price gain in NYMEX history, stating that this record increase reaffirms that speculation is playing a significant role in driving up the price.

Reversing recent price decreases, today 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 today - also reflects the impact of excessive energy speculation.

"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 that 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 U.S. airline passenger and cargo traffic. For additional information about the industry, visit www.airlines.org.

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CONTACT: David Castelveter
202-626-4033

Air Transport Association Comments on Passage of H.R. 6604:
Commodity Markets Transparency and Accountability Act

WASHINGTON, Sept. 18, 2008 - The Air Transport Association (ATA), the industry trade organization for the U.S. airlines, today commented on the passage of H.R. 6604, a bipartisan bill which gives the Commodity Futures Trading Commission (CFTC) the authority to impose additional position limits on certain types of energy trades and provide greater transparency to the energy market.

"We are pleased that the House passed H.R. 6604 - this will close some of the loopholes that speculators have used to pour billions of dollars into the energy markets and bring more transparency to commodities trading. We look to the Senate for their support in including strong speculation reform in their energy bill. A balanced energy policy that limits excessive speculation and increases supply is what this country so desperately needs."

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.

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