July 11, 2008 journal, airlines trying to close the Enron loophole on Wall Street with an open letter to their customers. The unregulated oil futures are traded over and over in jacking up the price of oil to a level of $146.00 per barrel which will break every airline this year. 12 airlines including Delta, United, USAir, Northwest and Southwest have banded together with each CEO signing the letter and asking for congressional action. Of course the U.S. government already knows the problem but refuses to address it. It is more important for Congress to pass the spy on Americans bill 'FISA' and to give immunity to the communication companies to deliver them from about 40 lawsuits for their hand in breaking the law in collaboration with the President of the United States. Nothing matters anymore because the country is on the skids headed for summary end. With 70 percent of airline's revenue now going for fuel we all know they are doomed. What they collect in charging for luggage is not a drop in the bucket of what they need. The buzzards on Wall Street gambling casino are as bad as the buzzards in Washington D.C. profits so heavily on the sweat & blood of the average working American citizen. Congress has betrayed you but their power is truly subject to Supreme Court approval. I am quoting letter from 12 airlines desperate to survive this awful fuel crisis pyramid. An Open letter to All Airline Customers: www.StopOilSpeculationNow.com. "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 the above site."