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ATA says CFTC rule to limit oil speculation a "tremendous" victory for consumers

15-Jan-2010 9:33 AM

Air Transport Association of America (ATA), organiser of the Stop Oil Speculation Now (SOS Now) campaign, applauded (14-Jan-2010) the Commodity Futures Trading Commission (CFTC) on the proposed rule to limit excessive speculation in the oil market. The CFTC is proposing to implement speculative position limits for futures and option contracts in certain energy commodities. SOS Now includes almost 100 associations, businesses and labor groups united in support of responsible energy policies and prices. [more - ATA] [more - CFTC]

Air Transport Association of America: “Unnecessary speculation is adversely affecting the nation’s economy and the airlines’ recovery. Today’s announcement takes an important step to drive excessive speculation out of the marketplace. We applaud the CFTC for its action to protect consumers and the fragile economy from reckless oil speculation. Adoption of the CFTC rule coupled with congressional action to remove loopholes will comprehensively address the problem,” James C May, President & CEO. Source: Air Transport Association of America, 14-Jan-2009.