Comment Text:
10-002
COMMENT
CL-03773
From:
Sent:
To:
Subject:
ro ad. rep @v erizon, net
Tuesday, April 13, 2010 12:59 PM
secretary
Proposed Speculative Position Limits on Energy
Martin Garvey
48 Meeting House Path
Ashland, MA 01721-2347
April 13, 2010
David Stawick
Secretary, Commodity Futures Trading Commission
Three Lafayette Centre
1155 21 st Stxeet, 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. 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 txading 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
flae 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
flaese 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,
Martin Garvey
508-881-3208
