Comment Text:
10-002
COMMENT
CL-02830
From:
Sent:
To:
Subject:
[email protected]
Tuesday, April 13, 2010 10:44 AM
secretary
Proposed Speculative Position Limits on Energy
Wayne Rutman
3221 Swarthmore Rd
Wilmington, DE 19807-3125
April 13, 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 proposal to establish position
limits on major energy commodities. This rule is long overdue. I have
spent the past 10 years studying the energy markets, and it has been
painful to watch as our free market in energy has been hijacked by Wall
Street speculators. Fundamentals no longer control price; rather,
outsized "paper positions" do. When pricing is no longer tethered to
fundamentals, you can have ridiculous pricing moves. This happened in
2008 and is now happening again: supply goes up, demand goes down, and
prices increase! This is an absurd perversion of our capitalist system,
and will again lead to economic ruin if we allow this casino mentality to
dominate the pricing of our essential energy resources. Oil prices must
again be determined by trading in real barrels of oil and not in paper
barrels. I urge you to implement your proposed speculative position
limits. Thank you for your consideration.
Sincerely,
Wayne Rutman
3027775298
