12 Airline CEOs Say Oil Speculators Have Driven Up the Price of Oil

Fed Chairman Bernanke Says the Airline CEOs are Wrong

Last week 12 airline CEOs sent a letter to their customers explaining that they believe oil speculators are a significant contributor to high oil prices. The text of their letter is presented below. Their letter includes a link to the Stop Oil Speculation website, which includes an e-mail/letter you can send to your U.S. Senators and Representative, asking them to take action now to curb oil speculation. You can enter your zip code and the e-mail text will appear, along with your Congressional representatives (the site actually sends the letter for you). The suggested letter includes the actions Congress can take to curb oil speculation and start reducing the price of oil. A copy of this letter is also included below.

In testimony to the Senate this morning, Federal Reserve Board Chairman Ben Bernanke said he does not believe speculation is a significant cause of high fuel prices, including high jet fuel prices. He believes oil supply and demand are the primary reasons for high oil prices. Who do you believe, the airline CEOs or Bernanke? I believe Bernanke is wrong on this issue. Read the letters from the airline CEOs and the Stop Oil Speculation website and then decide for yourself.