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Comment for Proposed Rule 76 FR 71626

  • From: Neill Gibson
    Organization(s):

    Comment No: 57294
    Date: 3/15/2012

    Comment Text:

    Greetings,



    I just signed the following petition addressed to: Commodity Futures Trading Commission.

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    We're calling on the Commodity Futures Trading Commission to rein in the level of speculation in the gas and oil futures markets to a modest level that helps adjust prices competitively. While we understand a healthy level of speculation is good for the market, domination of the market by speculators will result in the wild swings witnessed over the past few years (bubbles, irrational exuberance, busts, etc.) and reduce economic stability in the US. To continue to allow wall street speculators to control 80% or more of the market and inflate prices by as much as 40% is simply unacceptable.

    Please appoint CFTC Commissioner Bart Chilton to chair a task force to revisit the Wall Street reform act that Congress passed in 2010, specifically to review the current rules adopted in October of 2011 and enact new rules that place strict limits on the amount of oil that Wall Street speculators can trade in the energy futures market. We, the American people, call on the CFTC to move aggressively to end excessive oil speculation. We believe these actions will lower gas prices so that they reflect the fundamentals of supply and demand and bring needed relief to the American people.

    The time for real action is now.

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    Sincerely,



    Neill Gibson
    Encinitas, California


    Note: this email was sent as part of a petition started on Change.org, viewable at http://www.change.org/petitions/stop-wall-street-greed-and-control-gas-prices. To respond, click here

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