Comment Text:
I live and work in a rural part of the State of Maine. There is no public transportation. Everyone has to have a car. We live on Social Security and a little more from a struggling business which has yielded less and less every year. For some reason fuel and food are not considered in the cost of living expense of Social Security. However, that is exactly what has risen in price these last few years. Maine heats primarily with oil. Our oil bill and our gasoline bills are frightening. I can't afford to fill my gas tank. And food prices have risen steadily, although not so stunningly as gas & oil prices.
I read the news and see that there is actually nothing going on to make oil prices rise, but it seems that if there is any little wrinkle in the world that speculators can jump on, they do. Actual supplies are not changed. Making money on speculation and forcing prices up is not acceptable.
I urge you to curb excessive gambling in commodities markets like food and oil.
While many factors contribute to today’s highly volatile commodity prices, it is clear that excessive speculation is partially responsible, as shown in dozens of studies by respected institutions such as Princeton, MIT, Petersen Institute, University of London, Yale, the United Nations and the U.S. Senate.
Speculation thus imposes financial hardships on families around the country. Sudden rises in gas and food prices force us to make difficult decisions and sacrifices. Especially right now, with so many families struggling, and unemployment barely beginning to decrease, we cannot allow speculators to unduly affect our food and gas prices.
Please put in place effective position limits rules, and do not allow them to be undermined by exemptions or exceptions, or allow Wall Street gamblers to escape them.
The CFTC should not allow exemptions or exceptions that undermine the rule, and should not give any exemptions to banks, hedge funds or other financial players.
Thank you for your consideration.
