Comment Text:
10-002
COMMENT
CL-01435
From:
Sent:
To:
Subject:
thomas.badyna@flexj et.com
Wednesday, April
14, 2010
8:54 AM
secretary
Proposed Speculative Position Limits on Energy
Thomas Badyna
3812 Rolling Meadows
Bedford, TX 76021-2639
April 14, 2010
David Stawick
Secretary, Commodity Futures Trading Commission
Three Lafayette Centre
1155 21st Street, NW
Washington, DC 20581
Dear Mr. Stawick:
I am writing in support of the CFTC's Proposed Federal Speculative
Position Limits that will reestablish speculative position limits on maj or
energy commodities and apply regulatory oversite of the International
Commodities Exchange (ICE). This rule/regulation will provide stability to
the marketplace and help prevent future price bubbles. The CFTC must
quickly approve a strong rule to protect America [] s struggling economy.
The CFTC must also regulate ICE, which is based in the US, however
operates in England and thus is more difficult to manage. Wall Street's
and ICE's speculative trading in oil not only hurts the economy, but hurts
every American who pays excessive prices at the pump, for groceries, home
heating oil and everything related to transportation.
Our tax dollars were used to bail out large Wall Street firms when they
were on the brink of bankruptcy. It is these same institutions, through
ICE, pushed the price of gasoline well past $4 per gallon in 2008 by
gambling on oil and continue to profit at every American[] s expense.
Rampant oil speculation by large Wall Street trading firms through ICE has
resulted in extreme volatility in energy markets and unwarranted price
spikes in recent years. Given that supplies are at record highs and demand
remains weak, fundamentals cannot explain recent price hikes and
destructive price swings. Unless the CFTC adopts the proposed rule, and
can adopt regulations over ICE the markets will continue to fluctuate
wildly.
Position limits existed in energy markets until 2001 and currently apply
to agricultural commodities. CFTC should use its existing experience to
regulate position limits of speculators and ICE and prevent excessive
concentration in the energy markets, while ensuring that exemptions to
these limits afforded to real physical players such as fuel cooperatives,
public utilities, truckers and airlines are not exploited by big banks and
billionaire investors.10-002
COMMENT
CL-01435
Energy consumers desperately need stability in the marketplace. I
encourage the CFTC to adopt the Proposed Federal Speculative Position
Limits and oversee the regulation of ICE before volatile fuel prices
further harm the country [] s already ~veakened economy.
Regards,
Tom Badyna
817-283-7403
