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Comment for Proposed Rule 75 FR 4143

  • From: Edgar Bran
    Organization(s):

    Comment No: 15351
    Date: 4/13/2010

    Comment Text:

    10-002
    COMMENT
    CL-06351
    From:
    Sent:
    To:
    Subject:
    [email protected]
    Tuesday, April
    13, 2010 11:34 AM
    secretary

    Proposed Speculative Position Limits on Energy
    edgar bran
    109 Lime Lane
    Munford, TN 38058-4091
    April 13, 2010
    David Stawick
    Secretary, Commodity Futures Trading Commission
    Three Lafayette Centre
    1155 21st Street, NW
    Washington, DC 20581
    Dear Mr. Stawick:
    My personal budget and family well being is at risk due to the continued
    uncertainty faced by all Americans due to the specutaltion that is still
    being allowed on the worlds oil market. Although I believe that the right
    to make legitimate purchases on an open market are unquestionable, I do
    not agree that profiteers should not be held accountable to the economic
    damage this practice of speculation has inflicted on the average person,
    in this and other countries.
    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.
    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 excessive10-002
    COMMENT
    CL-06351
    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,
    edgarbran
    901-837-1181