International Brotherhood of Teamsters News

Teamsters Support 'Pump Act' Bills to Tackle High Fuel Costs

Greedy Fuel Speculators Must Be Stopped

WASHINGTON, June 26 PRNewswire-USNewswire — Teamsters Airline Division Director Capt. David Bourne stood with federal lawmakers today to urge quick action on legislation that would eliminate manipulation and excessive speculation in the petroleum futures market, benefiting struggling families hard hit by skyrocketing fuel costs.

"These outrageous oil prices are a real kick in the teeth for every one of the 1.4 million Teamsters that my union represents," said Bourne, who attended a press conference in support of the PUMP (Prevent Unfair Manipulation of Prices) Act introduced this week in the Senate by Sen. Maria Cantwell, D-Wash. Rep. Bart Stupak, D-Mich., introduced the legislation last week in the House.

"A handful of greedy speculators are waging economic war against working people, and we won't let that continue," Bourne said.

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 Union, the nation's largest transportation union, represents 50,000 airline employees. Also, more than 600,000 Teamsters earn their living driving vehicles that run on petroleum-based fuel. They work for freight and package delivery companies, grocery chains, school districts and police departments, to name a few.

"Airlines are taking a disproportionate hit from $140 a barrel jet fuel," Bourne said. "Hundreds of thousands of people work in industries connected to the airlines and I know they are worried. There is no way in the world that supply and demand is responsible for these insane oil prices."

The PUMP Act would lower the price of oil by limiting speculation and increasing oversight of energy markets by the Commodity Futures Trading Commission.

Founded in 1903, the International Brotherhood of Teamsters represents 1.4 million hardworking men and women in the United States, Canada and Puerto Rico.

SOURCE International Brotherhood of Teamsters

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