Air Transport Association President and CEO James May is calling on Congress to fully close trading loopholes, blaming market speculators for recent surges in oil prices. The $10 increase in the price of oil on Friday means airlines will face more than $4 billion in increased jet fuel costs, according to ATA. May called the fuel prices "an economic crisis of epic proportions." Carriers have already shed jobs and cut capacity as part of an effort to offset the higher fuel costs. Some analysts expect more capacity cuts and possible bankruptcy announcements.

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