Teamsters General President Jim Hoffa today said Congress should move quickly on a bill to curb high fuel costs.
Teamster leaders stood with Sen. Byron Dorgan, D-N.D., as he announced legislation on Tuesday that would crack down on financial speculators who created a bubble in the price of oil. Joining Dorgan at his press conference was Teamsters Airline Division Director Capt. David Bourne to offer support for the legislation, which would eliminate manipulation and excessive speculation in the petroleum futures market.
"Supply and demand has nothing to do with $4 gas and sky-high jet fuel," Hoffa said. "Too many working people are suffering because of a few greedy speculators. This is the Enron scam all over again."
Dorgan's bill would lower the price of oil by limiting speculation and increasing oversight of energy markets by the Commodity Futures Trading Commission. It is similar to a House bill introduced by Rep. Bart Stupak, D-Mich., known as the "PUMP Act." The Teamsters strongly support both measures.
The high price of oil is of special concern to the Teamsters because of its disproportionate impact on the airline industry. Fuel is an airline's second highest cost. The Teamsters represent 50,000 airline employees.
Bourne said the airline industry has a ripple effect on employment throughout the travel industry.
"You can't underestimate the contribution that the airline industry makes to this country's economic health," Bourne said. "To allow a handful of financial speculators to hold our economy hostage because of some misguided belief in 'free-market' rhetoric is just irresponsible."
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