American Airlines Praises Congressional Effort to Enhance Accountability in the Oil Markets
American Airlines today praised the efforts of the United States Congress for focusing attention on the need to lower skyrocketing oil prices, which are having an adverse impact on individuals and businesses, including the airline industry. Specifically, American Airlines applauded Sen. Dick Durbin, D-Ill., and Tom Harkin, D-Iowa, who today chaired a hearing to examine oil market speculation. The hearing, held jointly by the Senate Appropriations Subcommittee on Financial Services and General Government and the Senate Committee on Agriculture, Nutrition, and Forestry, probed the Commodity Futures Trading Commission's (CFTC) role in regulating the market.
Additionally, American Airlines today applauded Sen. Durbin for introducing the Transparency and Accountability in Oil Markets Act (S. 3130), which would provide much needed resources to the Commodities Future Trading Commission (CFTC) to oversee oil futures trading.
Sen. Durbin's legislation would aid transparency by requiring all U.S. traders on oil futures markets to report transactions in a detailed manner to the CFTC. The bill also directs the CFTC to investigate the impact of these trades on the price of oil.
As Chairman of the Appropriations Subcommittee on Financial Services and General Government -- the subcommittee responsible for overseeing the budget of the CFTC -- Sen. Durbin has been a stalwart supporter in highlighting the devastating impact soaring jet fuel costs have had on the U.S. airline industry.
About American Airlines
American Airlines is the world's largest airline. American, American Eagle and the AmericanConnection® airlines serve 250 cities in over 40 countries with more than 4,000 daily flights. The combined network fleet numbers more than 1,000 aircraft. American's award-winning Web site, AA.com, provides users with easy access to check and book fares, plus personalized news, information and travel offers. American Airlines is a founding member of the oneworld® Alliance, which brings together some of the best and biggest names in the airline business, enabling them to offer their customers more services and benefits than any airline can provide on its own. Together, its members serve nearly 700 destinations in over 140 countries and territories. American Airlines, Inc. and American Eagle Airlines, Inc. are subsidiaries of AMR Corporation. AmericanAirlines, American Eagle, the AmericanConnection® airlines, AA.com, We know why you fly and AAdvantage are registered trademarks of American Airlines, Inc.
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