We got a funny email recently. It was an “Open Letter To All Airline Customers” signed by 12 airline executives, including the CEOs of Delta (DAL), American (AMR), Continental (CAL), US Airways (LCC), and United (UAUA). We figured it was an apology to customers and shareholders for screwing up again. Boy were we wrong:
…normal [oil] market forces are being dangerously amplified by poorly regulated market speculation.
…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.…
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.
If anyone out there is still holding onto those pieces of paper that used to represent airlines stocks, you might want to consider selling them.
Airline Industry Finally Admits It Is Screwed: Can United (UAUA), American (AMR), and Delta (DAL) Survive? (AMR, UAUA, LCC, CAL, DAL)
Poll: Google (GOOG) Best Company in US; Airlines (NWA), Halliburton (HAL) and Comcast (CMCSA) The Worst (GOOG, NWA, HAL, CMCSA)