Comment Text:
Dwight Duston
59 Fairlane Rd
Laguna Niguel, CA 92677-5321
March 24, 2011
David Stawick
Secretary, Commodity Futures Trading Commission Three Lafayette Centre
1155 21st Street, NW
Washington, DC 20581
Dear Mr. Stawick:
Your commision was established precisely to prevent what is happening now:
large national oil reserves but high gas prices driven by speculation on oil futures. If you don't fix it, no one will. Are you commisioners going to act like statesmen, in service to our nation, or like political hacks, subservient to the the industry you have sworn to regulate?
We need meaningful, effective speculative position limits to restore balance to commodities markets and ensure that they are connected to market fundamentals, so that they fulfill their price-discovery function properly and without distortions caused by excessive speculation. In particular, I:
• support the Commission's immediate adoption of spot-month speculative position limits; • urge the Commission to adopt effective back-month levels that will accomplish the legislative purpose of curbing excessive speculation; • urge the Commission to adopt single-month limits that are no higher than two-thirds of the all-months-combined levels; • urge the Commission immediately to adopt a position-accountability regime for the nonspot months in place of its proposed position-visibility rule; and • urge the Commission to adopt lower speculative position limits for passive, long-only traders.
Sincerely,
Dwight Duston
949-606-2906