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Virgin Group Chairman Sir Richard Branson argues further regulation is needed to prevent speculators from driving up the price of oil and discusses po...
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-- airlines are flying high well not many of airline fuel stays at three dollars a gallon about price industries bill for 2011.
It's gonna be 54 billion dollars but the -- -- so differently from my next guest joining us live from Miami.
Sir Richard Branson virgin group chairman thanks for joining us it's great to have you had to have somebody questions for you the first -- -- -- celebrating.
The fact that's up between London and Miami it's been 25.
Years for you congratulations on that having said that.
High fuel costs are certainly affecting the airline you're looking for more regulation in the oil industry what do you want to see happen.
What I -- save -- so -- with the celebrating.
Two and 25 years in this industry which.
Is is a top indices has great great inventions I think pull that off.
Oil crises and WikiLeaks.
Just released.
Material from Saudi Arabia.
-- -- between Saudi Arabia in America.
And it's not the saudis.
I'm very glad that -- that we're all paying something like forty dollars a barrel war fraud oil.
G -- speculates is.
Speculating on oil futures.
And what you know what we basically saying is it should cod drive is should and line you see is that you -- people and that homes be.
Grossly overspending just because people that.
Speculating on fuel pushing prices up.
On two levels way above what they should -- We're urging regulators to regulate them do do that -- profit.
Okay well I'm sure that they talked about it is while that has certainly affected the bottom line for virgin America.
Having said that the airline has hedged at least 50% for 2011 -- so you're making a smart business move there and you've also got these new fuel efficient engines that -- introduced that are going to be coming out of the next several years so it in -- dot from a business side of business perspective.
Do you find that because you're making these moves now that you're not as concerned about profitability of virgin America in particular.
At the virgin America is it is a brilliant -- line is the best that -- in it and not I'm not by us.
-- flying flying inside America.
It -- it's it's it's doing great and we've just who would deny that sixty planes.
We guess I was in Chicago a couple of weeks ago we just started.
Reits for them as LA to Chicago consensus that the Chicago area.
And -- I think because they're great quality airline because it's brand new planes because they don't waiting -- that fuel efficient planes.
I think I think virgin America can.
You know grow into a political polls here in the states.
-- let's talk about.
About another type of travel in this country and that of course is our rail system.
I'm curious as many Republicans in Washington are talking about potentially opening up the northeast corridor which is all Amtrak right now you know.
Opening up to potential private bidders.
-- emerging Europe be interested in making a bid.
For rail line to the United States.
We would be -- decision we've already said that we reviewed and we we we would be keen to get in both and read in America.
We have perhaps the most successful.
Rail network in the UK.
We managed to increase the amount it.
Rail travel is from fifteen million.
A year when we took it -- to 35 million this yet.
-- you if you -- -- good quality -- network.
You can get people off the roads and and -- rail.
And and and that's good for the environment is good for everybody says it yeah I would love to get out teeth -- -- Into the realm -- -- -- in the US than have we have mentioned changes as well as virgin planes again.
Well you've -- you've been successful in the UK and -- a complement to your success obviously we have trains that are going 85 miles -- -- they're going more than 200 miles per hour.
-- -- in Europe there's a bit of the difference there -- I'm curious what you would do how would you change.
-- rail system in this country.
But that we might well dude but bring in the same kinds and trains that we've brought him from -- to the UK.
High speed tilting trains was -- Cohen is very quickly that you see you you know let's -- the underneath you still sitting -- -- puppeteers is still sites.
You know and that means you -- if you can get high speed trains you can get a lot more -- some on the track.
You can get a lot -- passes is on the track you can bring crises down.
You can bring quality up.
And you know that and and -- there is an America that's what's needed is that.
Is that we've we we'd love the challenge.
Missed it and if if if -- it would it would it would it would -- to just be able to show show show off what we can do.
In 111.
Part of America and if people like it we might take it to other parts of America will -- -- Or let you guys thinking of America again -- congratulations.
On the celebration down in.
Miami and you happen expanding.
The airline -- in the United States do you think they're gonna be expanding more opening more cities in the US the share.
Yes I -- Virgin Atlantic.
You know we'll we'll we'll be flying -- you putting -- -- frequencies to -- the cities we already fly and I cinematic will be flying to look a lot of new new cities.
And then you know we we we would we would we would like to to -- -- -- would have -- sixty new planes -- and and -- -- is that.
Taken up the roots we already fly -- and I know what was that open up new destinations that.
You know it's an excise exciting time ahead I think from -- them.
And then it was -- Australia ties in neatly across the Pacific and into Australasian.
When we've got a great rates and I know supposed to majors -- that.
This in Atlanta this study 25 years ago with 12 and seventh was seven is now perhaps the best global -- airlines sentences in -- sight.
-- rewriting your autobiography that you got it is our airlines because you're here -- for stranded -- think a lot of people look in this country say they wish they would have had.
That idea but you've been very successful out of thank you for coming on the Fox Business or Richard Branson virgin group chairman.
Thanks very much not --
