Comment Text:
10-002
COMMENT
CL-01439
From:
Sent:
To:
Subject:
[email protected]
Wednesday, April 14, 2010 12:14 AM
secretary
Proposed Speculative Position Limits on Energy
Brad Frank
Box 152
Hesperus, CO 81326-0152
April 13, 2010
David Stawick
Secretary, Commodity Futures Trading Commission
Three Lafayette Centre
1155 21st Street, NW
Washington, DC 20581
Dear Mr. Stawick:
I support of the CFTC's Proposed Federal Speculative Position Limits that
will reestablish speculative position limits on major energy commodities.
Rampant oil speculation by large Wall Street trading firms has resulted in
extreme volatility in energy markets and unwarranted price spikes in
recent years. Given that supplies are at record highs and demand remains
weak, fundamentals cannot explain recent price hikes and destructive price
swings. Unless the CFTC adopts the proposed rule, markets will continue to
fluctuate wildly.
CFTC should use its existing experience to regulate position limits of
speculators and prevent excessive concentration in the energy markets,
while ensuring that exemptions to these limits afforded to real physical
players such as fuel cooperatives, public utilities, truckers and airlines
are not exploited by big banks and billionaire investors.
Consumers desperately need stability in the marketplace. I encourage the
CFTC to adopt the Proposed Federal Speculative Position Limits before
volatile fuel prices further harm the country's already weakened economy.
Sincerely,
Brad Frank
520-490-8348
