Comment Text:
Chairman Gensler and Commissioners,
I urge the Commodity Futures Trading Commission to take action and impose unilateral position limits and margin requirements, that will eliminate excessive oil speculation, as required by title VII of the Dodd-Frank Act.
I support measures that will establish speculative oil position limits equal to the position accountability levels and double the margin requirements on speculative oil trading.
I support measures that will classify as speculators; bank holding companies, investment banks, or hedge funds that engage in proprietary oil trading.
I support measures that will give the CFTC Chair broad power to take any other actions needed to ensure that the price of crude oil, gasoline, diesel fuel, jet fuel, and heating oil accurately reflects the fundamentals of supply and demand.
Sincerely,
Donnie L. Shippey
