Comment Text:
10-002
COMMENT
CL-02959
From:
Sent:
To:
Subject:
[email protected]
Tuesday, April 13, 2010 6:58 PM
secretary
Proposed Speculative Position Limits on Energy
Vivian Larkin
4325 Berkeley S Court
Duluth, GA 30096-6861
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 Proposed Federal Speculative
Position Limits that will reestablish speculative position limits on major
energy commodities. 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.
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,
Vivian Larkin
7709355034
