Planes

Hundreds of grounded planes. Thousands of lost jobs. Nearly two dozen price hikes. Record oil prices have battered the airline industry, and Wednesday the airlines called on Congress to act.

In an open letter to all airline customers, CEOs from 12 of the nation's airlines said lawmakers must curb excessive speculation to scale back record fuel costs.

"Normal market forces are being dangerously amplified by poorly regulated market speculation," the letter said. "The nation needs to pull together to reform the oil markets and solve this growing problem."

The airline industry said that Congress' previously established regulations to control excessive market speculation have largely been weakened or removed in the past two decades.

"We believe that restoring and enforcing these limits, along with several other modest measures, will provide more disclosure, transparency and sound market oversight," the letter said. "Together, these reforms will help cool the overheated oil market and permit the economy to prosper."

A dozen or so bills have been introduced in the House and Senate on the subject of oil speculators. Democratic leaders in the House have promised to address the issue by tackling "excessive" speculation, but so far they have little to show for it. Policy analysts believe a bill is coming, but it may be September before a law can get passed through both chambers.

Meanwhile, airlines say record fuel prices are burdening their business and customers alike. Analysts expect the airlines will cut capacity by 9% in 2008 while continuing to hike fees and cut staff.

"For airlines, ultra-expensive fuel means thousands of lost jobs and severe reductions in air service to both large and small communities," the letter said.

--CNNMoney.com