‘STOP OIL SPECULATION NOW’ COALITION CALLS FOR ACTION TO STOP RECORD ENERGY PRICE INCREASES

July 11, 2008

FOR IMMEDIATE RELEASE

CONTACT: Elizabeth Merida
202-626-4205

Victoria Day
202-626-4141

WASHINGTON, July 11, 2008 – Record-high oil prices are hurting American families
and damaging our nation’s economy. In response to this growing crisis, 38 organizations
have joined together to push for effective short-, mid- and long-term solutions to help
materially reduce unnecessarily high energy prices.

“This country is experiencing its worst energy crisis ever, driven by a confluence
of factors, including a weak U.S. dollar, geopolitical tensions, limited supplies, strong
global demand and the lack of a cohesive and comprehensive national energy policy,”
ATA President and CEO James C. May said, speaking on behalf of all of the coalition
members. “This crisis deserves the full attention of Congress – now – not next week, next
month or next year. It is too important to wait. We believe that the fastest way to get oil
prices under control in the short term is by reducing reckless and unfair speculation in the
futures markets while, at the same time, enacting measures for the mid and long term to
expand oil supplies, enhance efforts to advance alternative and renewable energy sources
and improve energy conservation across the board.”

“Without question, energy futures markets, when functioning with proper
oversight, serve a useful purpose, especially to bona fide hedgers. But in today’s distorted
market, rampant oil speculation is devastating both businesses and consumers,” the
coalition asserts. “Reasonable financial controls and transparency, which have been
eliminated at the urging of the big speculation market players, need to be reestablished,”
said May.

“Numerous experts from around the world peg the impact of oil speculation at
$20 to $60 per barrel. That translates into between $0.48 and $1.43 at the gas pump. In
recent months, the number of ‘paper barrels’ traded by speculators has risen dramatically,
peaking at 22 times the physical market on June 6, when crude oil shot up $11 in one
session. Interestingly too, that spike came immediately on the heels of a prediction of
$150 per barrel oil by one of the speculators with the most to gain by the increase.”
“Oil speculation has upset the traditional balance between supply and demand,”
said Michael W. Masters, short equity hedge fund portfolio manager and founder of
Masters Capital Management, LLC. “If Congress would pass meaningful speculation
reform, oil prices would drop significantly within a matter of days or weeks.”

The Stop Oil Speculation Now coalition, in addition to its mid- and long-term supply
and conservation elements, is calling for Congress to push for lower prices immediately
by:
• Strengthening regulations weakened by the Enron Loophole and other loopholes
• Limiting the amount of oil that individuals or groups can trade speculatively in
the energy futures markets while unfairly driving up prices
• Requiring reporting by unregulated, secret markets like the swaps market: All
markets should have basic regulations that report the amount of oil people are
buying, no matter who they are or where they reside
• Make foreign traders follow U.S. rules and laws, just like everyone else who does
business in the United States

“This campaign will result in one million messages being sent to Congress in just the
last three days by concerned citizens mobilized by the SOS Coalition,” said May. “This
movement is just beginning to grow and we predict it will not stop until Congress acts.”

The Stop Oil Speculation Now coalition is a diverse and growing organization of
industries, businesses, labor groups and ultimately concerned citizens united in support of
responsible energy policies and prices.

The coalition includes:
Members of the Stop Oil Speculation Now Coalition ABX Air, Inc.; Agricultural
Retailers Association; Air Carrier Association of America; Aircraft Owners and Pilots
Association; Air Line Pilots Association, International; AirTran Airways; Air Transport
Association; Alaska Airlines, Inc.; American Airlines, Inc.; American Association of
Airport Executives; American Bus Association; American Trucking Associations;
Association of Corporate Travel Executives; ASTAR Air Cargo, Inc.; Atlas Air, Inc.;
Cargo Airline Association; Continental Airlines, Inc.; Delta Air Lines, Inc.; Evergreen
International Airlines, Inc.; Federal Express Corporation; Frontier Airlines, Inc.; Gasoline
& Automotive Service Dealers of America; Hawaiian Airlines; JetBlue Airways Corp.;
Midwest Airlines; National Business Travel Association; National School Transportation
Association; Northwest Airlines, Inc.; Petroleum Marketers Association of America;
Regional Airline Association; Southwest Airlines Co.; Spirit Airlines, Inc.;
TripplerTravel.com; International Brotherhood of Teamsters; United Airlines, Inc.;
United Motorcoach Association; UPS Airlines; and US Airways, Inc.

To learn more about oil speculation and its effects on America’s economy, or to tell your
member of Congress now that you demand action, now, please visit www.StopOilSpeculationNow.com