AN OPEN LETTER TO ALL AIRLINE CUSTOMERS From 12 Airline CEOs.

geesh. I reckon should hurry up and use my frequent flyer miles...

It's dollar devaluation mostly, not just speculation.

The capitalist economic system works properly, only when the rules are fair and followed by all. Thank you for sharing.

It feels kind of refreshing to know that the people flying planes have the same sort of sinking feeling when they fuel up there rides and watch their money go *poof*; as when I fuel up my car and watch my money go *poof*.

aw, poor airlines...

Actually, if this is true, the speculators are doing the world a favor by jacking up oil prices. People need to stop burning oil and dumping carbon into the atmosphere, and it seems like perhaps only by not being able to afford it will people do that.

beckmann, u wanna draft up an open letter to all airline CEOs telling them that if they commit to investing in and using their weight to advocate for alternative energy research and legislation, they will wind up richer and alive for longer?

Here is a response from BARBARA BOXER about what she's been doing about oil prices:

Dear Mr. Beckmann:

Thank you for contacting me regarding high gasoline prices. I appreciate the opportunity to hear your views on this important issue, and I share your concerns.

Gasoline prices reached an all-time high this year, and costs for food and other basic necessities are rising drastically. As millions of Americans struggle under this increasing burden, oil companies continue to report massive, record-breaking profits - $123 billion last year alone. This is unacceptable, and I want to assure you that I am working hard to lower prices and protect Americans from price gouging.

I am proud to be an original co-sponsor of S.3044, the Consumer-First Energy Act of 2008. This important bill would impose a windfall profits tax on oil companies to discourage price gouging and to help consumers offset the high costs of energy products, punish any country or company colluding in setting the price of oil, and limit excessive speculation in oil markets.

S.3044 also includes a provision that is similar to legislation I authored that would require the Federal Trade Commission to investigate possible manipulation of gasoline prices any time prices rise rapidly.

Unfortunately, on June 10, 2008, the Senate minority blocked further consideration of S.3044. At a time when so many Americans are struggling to make ends meet and having to make the impossible choice between buying food for their families and filling up the gas tank, I am deeply disturbed that some of my colleagues prevented this important bill from moving forward.

Opening up drilling in the United States is not the best way to achieve lower gas prices. For example, drilling in the Arctic National Wildlife Refuge (ANWR) would provide us with six months of oil at most, and at great cost. Furthermore, it would be more than a decade before we saw any of that oil. Ultimately, we need to move away from our dependence on oil and gasoline by developing renewable and efficient energy technologies. Right now, we need to go after the big oil companies that are holding Americans hostage with their exorbitantly high prices.

Americans deserve better than oil companies that gouge consumers in order to make huge profits, and Congress needs to take action to help alleviate this crisis. Rest assured, I will continue working for the passage of S.3044, and I will keep fighting to help Americans enjoy fair and reasonable energy prices.

Again, thank you for writing to me. Please do not hesitate to contact me in the future on this or other issues that concern you.

Barbara Boxer
United States Senator

Please visit my website at http://boxer.senate.gov

I don’t agree with the proposal in the open letter asking for government intervention of the market. Speculators trade based upon the anticipated value of a commodity driven by supply and demand. India and China’s current and more importantly projected consumption of oil in addition to the weak US dollar and limited supply drives up trading.

The airlines are asking the federal government to regulate speculators is like asking them to limit the value Microsoft or GE shares can trade. As always the airlines continue to think short term. This is why they are in trouble. The correct answer which the airlines should support is for the US to adopt a balanced energy strategy recognizing we are competing with other countries for a limited supply of oil. The correct energy strategy would include opening AWAR and coastal regions to drilling (with effective environmental controls), build more refineries, invest in research to burn coal more cleanly, build nuclear power plants, and finally consider other forms of energy production such as wind and solar.

With limited regulation the markets will adapt. The environmentalists have prevented the US from sourcing huge supplies of nuclear, oil, and coal resources. We need a President and Congress who will support this balanced energy strategy. Unfortunately it appears we may get a President who will just add more regulation.