Comment Text:
10-002
COMMENT
CL-06635
From:
Sent:
To:
Subject:
[email protected]
Tuesday, April
13, 2010 12:19 PM
secretary
Proposed Speculative Position Limits on Energy
DD Hearn
11765 Scripps Lake Drive
SAN DIEGO, CA 92131-2374
April 13, 2010
David Stawick
Secretary, Commodity Futures Trading Commission
Three Lafayette Centre
1155 21st Street, NW
Washington, DC 20581
Dear Mr. Stawick:
I write in support of the CFTC's Proposed Federal Speculative Position
Limits to reestablish speculative position limits on major energy
commodities. This rule will provide stability to the marketplace and help
prevent future price bubbles. It is imperative that the CFTC act quickly
& approve a strong rule to protect America's struggling economy. Wall
Street's speculative trading in oil hurts not just 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. These same Wall Street firms pushed the
price of gasoline well past $4 per gallon in 2008 by gambling on oil; they
continue to profit at the expense of every American.
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.
Tax-paying American energy consumers desperately need stability in the
marketplace. The CFTC must adopt the Proposed Federal Speculative
Position Limits before volatile fuel prices further harm our country'salready ~veakened economy.
Sincerely,
DD
Heam
3107434855
i0-002
COMMENT
CL-06635
