Northwest CEO calls speculation top reason for industry's woes

06/23/2008 | MarketWatch

Testifying before Congress today, Northwest Airlines CEO Doug Steenland urged Congress to increase regulation of commodities trading and close loopholes in trading. Steenland noted that fuel is nearly 40% of airlines' operating cost. "If the current pricing dynamic does not change, our industry will be severely challenged and will continue shrinking -- to the detriment of customers, employees and the communities we serve," said Steenland.

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