Comment Text:
10-002
COMMENT
CL-01796
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lmiklowitz@aol,
corn
Wednesday, April 14, 2010 3:28 AM
secretary
Proposed Speculative Position Limits on Energy
LinDa Miklowitz
2542 Arthurs Court
Tallahassee, FL 32301-3325
April 14, 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 provide stability to the marketplace and help prevent future price
bubbles. The CFTC must quickly adopt 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 for
gasoline, groceries, home heating oil and everything related to
transportation.
Our tax dollars were used to bail out large Wall Street firms 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 July, 2008 by
gambling on oil and profiting at every American's expense.
Rampant oil speculation by large Wall Street trading firms has resulted in
volatility and price spikes in energy markets in recent years even though
market conditions do not warrant such prices. Supplies are at record
highs, and demand remains weak. Unless the CFTC adopts the proposed rule,
markets will continue to be volatile and set back the recovering
Position limits existed in energy markets until 2001 and currently apply
only to agricultural commodities. CFTC should use its experience to impose
position limits on speculators and limit their presence in energy markets,
while enabling consumers who intend to take delivery, like fuel
cooperatives, public utilities, truck fleets and airlines, to bid.
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
weakened economy.Sincerely,
LinDaMiklo~vitz
850 878-4320
i0-002
COMMENT
CL-01796
