ATA blames speculators for oil's record spike

Monday's record one-day surge in oil prices helped send airline stocks to their biggest-ever one-day loss, erasing about $2.5 billion in value from the 10 largest U.S. carriers. With oil jumping by more than $15 a barrel, Air Transport Association CEO Jim May blasted Washington lawmakers for failing to clamp down on speculators. "The market's extreme volatility suggests that speculators, who withdrew tens of billions of dollars from the commodities markets when Congress threatened to tighten oversight of excessive and harmful speculation, breathed a sigh of relief last week when action in the Senate seemed unlikely, and returned to the energy markets in full force," May said.

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