Comment Text:
10-002
COMMENT
CL-05928
From:
Sent:
To:
Subject:
[email protected]
Tuesday, April 13, 2010 1:54 PM
secretary
Proposed Speculative Position Limits on Energy
George Walaker
33892 Rushing Lane
Scappoose, OR 97056-2500
April 13, 2010
David Stawick
Secretary, Commodity Futures Trading Commission
Three Lafayette Centre
1155 21st Street, NW
Washington, DC 20581
Dear Mr. Stawick:
Here we go again: oil prices soaring, profits for the rich oil barons
rising faster. I am writing in support of the CFTC's Proposed Federal
Speculative Position Limits that will reestablish speculative position
limits on major 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 Position10-002
COMMENT
CL-05928
Limits before volatile fuel prices further harm the country's already
~veakened economy.
The question is simple: FOR WHOM DO YOU WORK: We the people, or them, the
corporate mega-rich? Are you interested in helping the people who voted
you into office, or the ~vealthy corporate special interests ~vho lavish
huge money on your campaigns through their cynical lobbyists? It's time to
choose!
Sincerely,
George Walaker
503 543 8401
