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American, United, Delta and nine other large U.S. airlines said in a joint letter that recent job cuts in the industry can be blamed on oil speculation, which has raised fuel costs.
“For airlines, ultra-expensive fuel means thousands of lost jobs and severe reductions in air service to both large and small communities,” the carriers said Thursday. While demand is pushing up oil prices, “normal market forces are being dangerously amplified by poorly regulated market speculation,” they said.
Industrywide job cuts have risen to about 20,000 to counter fuel costs that have surged 86 percent in the past year. Airline losses may top $13 billion in 2008, the Air Transport Association trade group estimates.
