(Washington) – Oil speculation is destroying American jobs, and the only solution is for Congress to step in, the Teamsters Union said Friday.

The Teamsters urged Congress to move quickly on passing the PUMP (Prevent Unfair Manipulation of Prices) Act filed by Rep. Bart Stupak, D-Mich., and Sen. Maria Cantwell, D-Wash.

"Our airline pilots, mechanics and flight attendants are losing their jobs because of the outrageous price of oil," said Teamsters Airline Division Director Capt. David Bourne.
"Airline employees are just the canaries in the coal mine," he said. "Unless something is done to help the airlines, Teamsters who work in the travel industry will also lose their jobs. That includes rental car agents, hotel workers, parking lot attendants and costumed characters at Disneyworld."

Beyond the travel industry, the price of oil is also forcing Teamster employers like police departments, school districts and city governments to make tough budgetary decisions, Bourne said.

The Teamsters joined organizations representing airlines, businesses and consumers Friday to urge swift passage of the PUMP Act in a news conference at the National Press Club.

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.