Comment Text:
10-002
COMMENT
CL-02854
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Sent:
To:
Subject:
wj ett@ socal.rr, com
Tuesday, April 13, 2010 2:28 PM
secretary
Proposed Speculative Position
Limits on Energy
Wayne Jett
1470 Cambridge Road
San Marino, CA 91108-1904
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 to support reestablishment of strong, enforceable position
limits on major energy commodities. The CFTC must quickly approve a strong
rule to protect America's struggling economy. Manipulative trading in
crude oil futures seriously hurts the economy and steals from 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. These same institutions pushed the price
of gasoline and diesel fuel past $4 per gallon in 2008 by gambling on oil
in ways that pushed up futures contract prices regardless of oversupply in
relation to demand. Manipulators 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. The CFTC ought to adopt the strongest rule possible and begin
enforcing it immediately.
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 deserve fairness and justice in the marketplace. I
encourage the CFTC to act without further delay.Sincerely,
Wayne Jett
626-793-9614
i0-002
COMMENT
CL-02854
