Airlines Urge Customers To Oppose Oil Speculation

July 10, 2008

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July 10, 2008

The CEOs of 12 major U.S. air carriers have written a letter to their frequent fliers. They're asking customers to pressure Congress about oil market speculation. Airline executives say financial speculation is partly responsible for the increase in oil prices that's crippling their industry.

STEVE INSKEEP, host:

NPR's business news starts with airlines asking for your help.

Could be a sign of desperation or a novel effort at public relations. The CEOs of 12 major U.S. air carriers have written a letter to their frequent flyers. They're asking customers to pressure Congress about oil market speculation. Airline executives contend financial speculation is partly responsible for the increase in oil prices that is crippling their industry. There is much debate on public radio and elsewhere about whether speculation really is that responsible for high oil prices.

But in any case, last month the head of Northwest Airlines urged lawmakers to strengthen oil market regulation. And just yesterday we got an indication of the pain caused by high fuel prices. Yesterday, Northwest announced it is slashing 2,500 jobs and adding new fees.

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