WORTH READING WHEN YOU GO TO PUNP djf An Open Letter to All Airline Customers

[David Farber <dave () farber net>]

________________________________________
From: Matt Murray [mattm () optonline net]
Sent: Wednesday, July 09, 2008 10:30 PM
To: David Farber
Subject: Fw: An Open Letter to All Airline Customers

Dear Prof. Farber,

This just hit my inbox. Perhaps worthy of IP (but I suspect a good portion of the list might get the same thing.

Matt Murray

Mobile 203.856.3703
MattM () optonline net<mailto:MattM () optonline net>
www.mattmurray.com<http://www.mattmurray.com>
www.mattmurray.org<http://www.mattmurray.org>
The Higgins Group/Christie's Great Estates
www.higginsgroup.com<http://www.higginsgroup.com>
a Connecticut Licensee
----- Original Message -----
From: Delta Air Lines<mailto:DeltaAirLines () delta com>
To:  [removed]
Sent: Wednesday, July 09, 2008 8:01 PM
Subject: An Open Letter to All Airline Customers


        AN OPEN LETTER
TO ALL AIRLINE CUSTOMERS
From 12 Airline CEOs.
Our country is facing a possible sharp economic downturn because of skyrocketing oil and fuel prices, but by pulling 
together, we can all do something to help now.

For airlines, ultra-expensive fuel means thousands of lost jobs and severe reductions in air service to both large and 
small communities. To the broader economy, oil prices mean slower activity and widespread economic pain. This pain can 
be alleviated, and that is why we are taking the extraordinary step of writing this joint letter to our customers.

Since high oil prices are partly a response to normal market forces, the nation needs to focus on increased energy 
supplies and conservation. However, there is another side to this story because normal market forces are being 
dangerously amplified by poorly regulated market speculation.

Twenty years ago, 21 percent of oil contracts were purchased by speculators who trade oil on paper with no intention of 
ever taking delivery. Today, oil speculators purchase 66 percent of all oil futures contracts, and that reflects just 
the transactions that are known. Speculators buy up large amounts of oil and then sell it to each other again and 
again. A barrel of oil may trade 20-plus times before it is delivered and used; the price goes up with each trade and 
consumers pick up the final tab. Some market experts estimate that current prices reflect as much as $30 to $60 per 
barrel in unnecessary speculative costs.

Over seventy years ago, Congress established regulations to control excessive, largely unchecked market speculation and 
manipulation. However, over the past two decades, these regulatory limits have been weakened or removed. We believe 
that restoring and enforcing these limits, along with several other modest measures, will provide more disclosure, 
transparency and sound market oversight. Together, these reforms will help cool the over-heated oil market and permit 
the economy to prosper.

The nation needs to pull together to reform the oil markets and solve this growing problem.

We need your help. Get more information and contact Congress by visiting 
www.StopOilSpeculationNow.com<http://e.delta.com/ct/click?q=f6-QSXIQMwcD7tCPAaYYdqgTsXKf~S4DGZW>.
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Richard Anderson
CEO
Delta Air Lines, Inc.


Gerard J. Arpey
Chairman, President and CEO
American Airlines, Inc.



[http://images.delta.com/delta/emailprograms/pgs/080708_OilSpeculation/Ayer_Alaska_120.jpg]             
[http://images.delta.com/delta/emailprograms/pgs/080708_OilSpeculation/Barger_JetBlue_110.jpg]

Bill Ayer
Chairman, President and CEO
Alaska Airlines, Inc.


Dave Barger
CEO
JetBlue Airways Corporation



[http://images.delta.com/delta/emailprograms/pgs/080708_OilSpeculation/Dunkerley_Hawaiian_120.jpg]              
[http://images.delta.com/delta/emailprograms/pgs/080708_OilSpeculation/Fornaro_AirTran_120.jpg]

Mark B. Dunkerley
President and CEO
Hawaiian Airlines, Inc.


Robert Fornaro
Chairman, President and CEO
AirTran Airways



[http://images.delta.com/delta/emailprograms/pgs/080708_OilSpeculation/Hoeksema_Midwest_180.jpg]                
[http://images.delta.com/delta/emailprograms/pgs/080708_OilSpeculation/Kellner_Continental_120.jpg]

Timothy E. Hoeksema
Chairman, President and CEO
Midwest Airlines


Lawrence W. Kellner
Chairman and CEO
Continental Airlines, Inc.



[http://images.delta.com/delta/emailprograms/pgs/080708_OilSpeculation/Kelly_Southwest_147.jpg]         
[http://images.delta.com/delta/emailprograms/pgs/080708_OilSpeculation/Parker_US_Airways_150.jpg]

Gary Kelly
Chairman and CEO
Southwest Airlines Co.


Douglas Parker
Chairman and CEO
US Airways Group, Inc.



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[http://images.delta.com/delta/emailprograms/pgs/080708_OilSpeculation/Tilton_United_180.jpg]

Douglas M. Steenland
President and CEO
Northwest Airlines, Inc.


Glenn F. Tilton
Chairman, President and CEO
United Airlines, Inc.

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