Comment Text:
Commissioners,
Despite a clear directive from Congress to rein in excessive speculation, you seem to be listening more to Wall Street, and not acting quickly enough to protect American consumers. Consider: On any given day about half of the oil futures contracts are bought and sold by traders, not companies that use oil, like airlines and power companies. And the sky’s the limit when it comes to how much of the market traders can control. As far back as 2008, speculation has been shown to be the main reason for higher fuel prices. And yet nothing has been done to stop it!
Please stop the speculators from interfering with the price of food and energy. Stop listening to Wall Street lobbyists and impose meaningful position limits.
Thank you,
Ken Smith
