Comment Text:
10-002
COMMENT
CL-04853
From:
Sent:
To:
Subject:
[email protected]
Tuesday, April 13, 2010 2:49 PM
secretary
Proposed Speculative Position Limits on Energy
LeAnn Rowse
82240 Highway 11
Burvvell, NE 68823-8811
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. As a single mother
with 5 children (three still living at home), and receiving Social
Security Disability Income, I am stretched to the limit just to survive.
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. It seems to me
that America would continue down the slippery slope, and further hurt our
economy if we don't do something to stop the rampant oil speculation.
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. Our country is dependent on gasoline. Our grocery
stores, and other stores have trucks deliver their goods. The stores will
have to increase their prices to cover the fuel prices. The stores will
then pass the higher prices to us, the consumer. Being on a fixed income
the increasing prices will bankrupt many people who are in the same
position as me.
Position limits existed in energy markets until 2001 and currently apply
to agricultural commodities. CFTC should use its existing experience to10-002
COMMENT
CL-04853
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
~veakened economy.
Sincerely,
LeAnn Ro~vse
308 346 5325
