Comment Text:
10-002
COIMMENT
CL-04966
From:
Sent:
To:
Subject:
[email protected]
Tuesday, April 13, 2010 10:19 AM
secretary
Proposed Speculative Position Limits on Energy
L Krafft
25988 Hinds Rd.
Watertown, NY 13601-5173
April 13, 2010
David Stawick
Secretary, Commodity Futures Trading Commission
Three Lafayette Centre
1155 21st Street, NW
Washington, DC 20581
Dear Mr. Stawick:
Mr. Stawick,
Fuel prices are creeping up again and the reason, I'm told, is Wall
Street speculation and game playing that continues without concern for the
working public that have no opportunity to make millions from Federal
bailouts and oil trading on paper.
If you can influence the placing of limits (low limits) on this
criminal practice, you should do so. There will be no meaningful economic
recovery while the masses of taxpayers are spending most of their
resources on fuel and needlessly so.
We can only conclude Wall Street has learned nothing from the near
miss they had. Too few were hit by the bullets of incompetence they fired
into the air. The rest of this is boilerplate, but it says it all. LEK
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.10-002
COIMMENT
CL-04966
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
~veakened economy.
Sincerely,
L
Krafft
315 782 4437
