Comment Text:
10-002
COMMENT
CL-04541
From:
Sent:
To:
Subject:
missmary 1983 @hotmail.com
Tuesday, April
13, 2010 12:34 PM
secretary
Proposed Speculative Position Limits on Energy
Mary Peterson
3110 Fireweed Dr.
Colorado Springs, CO 80918-4507
April 13, 2010
David Stawick
Secretary, Commodity Futures Trading Commission
Three Lafayette Centre
1155 21st Street, NW
Washington, DC 20581
Dear Mr. Stawick:
As a mother of 2 and a military wife, I am increasingly worried about our
gas prices. On enlisted pay, the gas alone going to and from base is
outrageous. We spend thousands a year alone in gas costs and we have not
been able to do any driving travel. This gas cost also increases airfare,
cutting vacations per year to give our dollars as tourists.
As a small business owner, pricing of gas is a key component to me. All
the items I order, the shipping costs determined by fuel, the items
themselves, my shipping costs to my customers, and production costs. As
others pay increasing prices for fuel, they are also left without more
money to buy items in general. The intense increase over the last 5 years
has seriously hurt all aspects of my life. We don't make much, my
business is starting to hurt (though economy can be to blame some, fuel
prices increase my prices, lessening purchases), our vacation and travel,
our extended families ability to vacation and travel to see us - it's very
discouraging for Americans.
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 in10-002
COMMENT
CL-04541
extreme volatility in energy markets and un~varranted price spikes in
recent years. Given that supplies are at record highs and demand remains
~veak, fundamentals cannot explain recent price hikes and destructive price
s~vings. Unless the CFTC adopts the proposed rule, markets ~vill 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, ~vhile 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.
Thank you for your time,
Mary Peterson
Wife, mother, enlisted family and small business owner
Sincerely,
Mary Peterson
719-302-5831
