Comment Text:
Dear Commission/To Whom It May Concern:
I am William Weinstein, and like everyone else in America a consumer in one way or another of oil and gasoline, and food.
It is indisputable that the rise in the price of oil, and its extreme historic volatility, cannot be attributable solely or in direct relation to instability in the middle east or other suppliers. Instead, it is clear that rampant, uncontrolled commodities speculation by investors today including hedge funds is a major source of that radical volatility.
It is also indisputable that these volatile increase of the price of oil and gasoline do disproportionate damage both to all consumers and the US economy at large.
Imposing derivative position limits will reduce this extreme economic damage by limiting volatility and the amount of speculative profits the derivative investors have previously been extracting from our national wealth. Then the end users, both corporate and consumer, will not be penalized by this uncontrolled speculation.
As for food commodities, while I see less of an impact these days, it is still clear that derivative speculation can greatly injure food producers who bear the risks of their production, as well as the American consumer end user. All producers and consumers are entitled to the protection the limits on derivative positions can provide.
Thank you for your fullest consideration.
Sincerely yours, William R. Weinstein
