Comment Text:
10-002
COMMENT
CL-07590
From:
Sent:
To:
Subject:
albuxton@buxtoncorp, com
Tuesday, April 13, 2010 12:04 PM
secretary
Proposed Speculative Position Limits on Energy
A.
Buxton
1636 Johns Rd
Clinton, OH 44216-9759
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 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. 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.
Rampant oil speculation by trading firms has resulted in extreme
volatility in energy markets and unwarranted price spikes in recent years.
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.
For the benefit of our recovering economy, we need stability in the
marketplace. I encourage the CFTC to adopt the Proposed Federal
Speculative Position Limits.
Sincerely,
A.L.
Buxton
330-882-140010-002
COMMENT
CL-07590
