Comment Text:
10-002
COMMENT
CL-04100
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[email protected]
Tuesday, April 13, 2010 3:59 PM
secretary
Proposed Speculative Position Limits on Energy
carol gerl
3444 se 35th ct
lincoln city, OR 97367-1936
April 13, 2010
David Stawick
Secretary, Commodity Futures Trading Commission
Three Lafayette Centre
1155 21st Street, NW
Washington, DC 20581
Dear Mr. Stawick:
I think energy should be nationalized. Our country is in a transition and
control is imperative. I call for prohibition of speculation on energy.
Some gaming tables should be closed temporarily until we have successfully
instituted sustainable national green energy production and
infrastructure. 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.
For now I am writing in support of the CFTC's Proposed Federal Speculative
Position Limits that will improve and reestablish speculative position
limits on major energy commodities. This rule will supposedly 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.
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
strictly regulate position limits of speculators and prevent excessive
concentration in the energy markets, while ensuring that exemptions to10-002
COMMENT
CL-04100
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. And I encourage consideration of a moratorium on such
speculation. After the bailouts Americans are the House. All gamblers know
that the House always wins. They'll live.
Sincerely,
carol gerl
5419964031
