Comment Text:
10-002
COMMENT
CL-02597
From:
Sent:
To:
Subject:
[email protected]
Thursday, April 15, 2010 1:29 PM
secretary
Proposed Speculative Position Limits on Energy
Darren Waugh
4447 w.caszatt dr.
mt.pleasant, MI 48858-8268
April 15, 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.
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 already10-002
COMMENT
CL-02597
weakened economy.
I got into the trucking industry 2 years ago because the economy in
Michigan was terrible and there was no jobs.I really didnt want to i have
a wife a 3 kids and i didnt like the idea of being gone 3 to 4 weeks at a
time but i had to support my family and do my part to help my country and
not be a strain on the system.When i first started fuel prices were stiil
high diesel fuel 4.00-4.50 a gallon and everything was slow,the
economy,frieght but since then starting last summer when fuel prices were
down the ecvonomy started to roll.In the truck industry we see things
happen first economy going good or bad and things are getting better but
if we let these speculators raise prices all that we have gained will be
lost please dont let this happen thank you.
Sincerely,
DarrenWaugh
9898249312
