Comment Text:
10-002
COIMMENT
CL-01666
From:
Sent:
To:
Subject:
[email protected]
Wednesday, April 14, 2010 9:44 AM
secretary
Proposed Speculative Position Limits on Energy
Al~edo Rueda
4609 Buffalo Bend P1
Fo~Wo~h, TX76137-6165
Aprill4,2010
David Stawick
Secretary, Commodity Futures Trading Commission
Three Lafayette Centre
1155 21st Street, NW
Washington, DC 20581
Dear Mr. Stawick:
I am writing in support of the CFTC's Proposed Federal Speculative
Position Limits that will reestablish speculative position limits on maj or
energy commodities. This rule will provide stability to the marketplace
and help prevent future price bubbles. The CFTC must quickly approve a
strong rule to protect America's struggling economy. Wall Street's
speculative trading in oil not only hurts the economy, but hurts every
American who pays excessive prices at the pump, for groceries, home
heating oil and everything related to transportation.
Also, as CEOs and top Executives at these large oil companies keep raising
the price, so do there bonuses.
WE NEED TO PUT A "FUEL CAP" ON THE PRICE OF OIL
Our tax dollars were used to bail out large Wall Street firms, banks and
automakers when they were on the brink of bankruptcy. It is these same
institutions that pushed the price of gasoline well past $4 per gallon in
2008 by gambling on oil and continue to profit at every American's expense.
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.
Position limits existed in energy markets until 2001 and currently apply
to agricultural commodities. 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,10-002
COIMMENT
CL-01666
public utilities, truckers and airlines are not exploited by big banks,
credit card/loan companies and billionaire investors.
Energy 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
~veakened economy.
On a personal note, I can remember as a kid being able to take family
trips in a car, as ~ve could not afford to travel by plane. It ~vas fun as
~ve have seen most of the states.
I would also like to be able to do that. But that can only be possible if
the price of fuel can go down.
Ask yourself this, what will happen when there is no need for fuel, and
alternate energy/fuels take over the market?, will we still see a high
price for fuel?...or will there be a need or high demand?..and will the
goverment then bail out oil companies?
Please, I speak for most Americans! Keep oil prices LOW
Sincerely,
Al~edo Rueda
817-938-4295
