Comment Text:
10-002
COMMENT
CL-01900
From:
Sent:
To:
Subject:
[email protected]
Wednesday, April 14, 2010 9:34 AM
secretary
Proposed Speculative Position Limits on Energy
John Sanehez
511 Cannon Dr
Euless, TX 76040-5306
April 14, 2010
David Stawick
Secretary, Commodity Futures Trading Commission
Three Lafayette Centre
1155 21st Street, NW
Washington, DC 20581
Dear Mr. Stawick:
Please ask Mr. Obama to stop wasting time with the health plan reform and
focus on the price of ga!!!!
On the other hand, 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
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,
public utilities, truckers and airlines are not exploited by big banks 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
weakened economy.
Sincerely,
John Sanehez
817-931-1040
