The Air Transport Association (ATA) representing US airlines has written to US President Barack Obama warning that any repeat of last summer's 'astronomical crude-oil prices' will bring the nation's economic recovery 'to a halt' and
therefore the activities of oil speculators should be strongly discouraged.
Oil prices are currently 115% up from a January low and ATA Chairman Glenn Tilton [also the CEO of United Airlines-Ed] has informed the President that the airline industry is 'especially vulnerable' to high oil prices which obviously translate into more costly aviation fuel costs.
‘A repeat of last summer's astronomical crude-oil prices will bring the nation's economic recovery to a painful halt,’ said Tilton in his letter earlier this month.
The former George Bush administration resisted calls for added supervision in the commodities markets, but airlines and the leaders of other US oil-dependent industries are all hoping that the Obama administration will become more directly involved.