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Comment for General CFTC Net Position Changes Data Reports

  • From: HARRY L MICHAELS
    Organization(s):

    Comment No: 48482
    Date: 10/3/2011

    Comment Text:

    Dear Public Servants:

    Transparency is not enough. It has been obvious for some time that speculators in the commodities markets have been keeping the price of oil, food and other commodities artificially high. All you have to do is watch the price of a barrel of oil being traded go down 30 percent only to see the price of gasoline at the pump go down 12 percent (prior to last week or so, the price of gas stayed artificially high for months). As our family and millions of others are struggling economically I resent a small class of speculators making billions of dollars unfairly at our expense.

    The fact that this has been going on for some time under your nose makes it pretty obvious that you are being influenced by Wall Street lobbyists. What would transparency accomplish? Absolutely nothing. It's past time for you to start doing what's right for the country as a whole. Please take, immediately, the steps necessary to prevent speculators from bidding up commodities prices to the detriment of all Americans.

    Sincerely,

    Harry Michaels, Jr.

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