Font Size: AAA // Print // Bookmark

Comment for Proposed Rule 75 FR 4143

  • From: Ronald Martinson
    Organization(s):

    Comment No: 12823
    Date: 4/13/2010

    Comment Text:

    10-002
    COMMENT
    CL-03823
    From:
    Sent:
    To:
    Subject:
    [email protected]
    Tuesday, April 13, 2010 10:13 AM
    secretary

    Proposed Speculative Position Limits on
    Energy
    ronald martinson
    8915 cedar run rd
    traverse city, MI 49684-9425
    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 maj or
    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 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.
    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 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 already10-002
    COMMENT
    CL-03823
    weakened economy.
    The oil companys are again recording record profits, and no one is trying
    to stop them. It seems that everyone in Washington, will continue to allow
    this based on the money that they are being paid. They just turn a blind
    eye to the problem, we the people are the ones that suffer. Those people
    in Washington run there vehicles on our money. They do not have to pay for
    the high cost of gasoline out of there own pocket, that all comes from the
    tax payer. We will have to make our votes when it comes time for the next
    election. I gasoline that is in reserves, the crude oil that is stock
    pilled, and we are still paying over $85.00 per barrel. It is time for
    Washington, to stop taking money from the American people. It is time to
    help the American people
    Sincerely,
    ronald martinson
    231-111-1111