Comment Text:
10-002
COMMENT
CL-02650
From:
Sent:
To:
Subject:
ann.poindexter@yahoo, com
Thursday,
April 15, 2010 9:19 AM
secretary
Proposed Speculative Position Limits on Energy
Arm Poindexter
4500 Lake Park Dr
Arlington, TX 76016-5323
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.
Sky-high jet fuel prices caused by rampant oil speculation in 2008
resulted in one of the worst economic crises that aviation has ever faced.
Service was greatly downsized and regrettably, many jobs were lost. With
crude oil prices again climbing toward $100 a barrel, we are asking for
your immediate help to curb fuel price volatility while returning energy
costs to reasonable levels.
Large Wall Street firms which were saved by Government intervention 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.
Continued 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 and affect the price of
everything...from a loaf of bread on up.
Please help encourage the CFTC to adopt the Proposed Federal Speculative
Position Limits. Position limits existed in energy markets until 2001 and
currently apply to agricultural commodities. CFTC is in a great position
to 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. That's just a smart
decision for your peopleVery Sincerely,
Arm K Poindexter
817-561-5085
i0-002
COMMENT
CL-02650
