Comment Text:
10-002
COMMENT
CL-07613
From:
Sent:
To:
Subject:
[email protected]
Tuesday, April 13, 2010 12:39 PM
secretary
Proposed Speculative Position Limits on Energy
Christopher Baker
625 Miller Rd
Camden, TN 38320-6303
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 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 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 Position
Limits before volatile fuel prices further harm the country's already10-002
COMMENT
CL-07613
weakened economy.
And I personally am tired of spending a lot of money for my commute to
work. I attend college as well, which is a 50mi drive, one way to school.
Twice a week. I am a flight attendant and have a one way drive commute to
work of 135mi. I work for a regional carrier and by all means, we are not
the highest paid job in the industry, or country for that means. When I'm
paying $60 or more a gallon to fill up my vehicle, and almost $100 when
gas is at $4/gal, this is just rediculous. When I first got my drivers
license 14yrs ago, I was paying $0.99/gal. Why the value is SPECULATED at
$2, $3, and $4/gal, is beside me. This is definitely making it difficult
for people on the lower pay scales of this economy to get ahead of
themselves financially. I'm trying, but gas prices are not helping. Gas
should not be SPECULATED, but charged at the amount it was paid for. No
reason the petroleum industries are making substantial profits at the cost
of poor, struggling Americans, as well as those who are well off.
Something needs to be done to stop this blasphemy!
Sincerely,
Christopher Baker
7314418171
