Comment Text:
10-002
COMMENT
CL-01470
From:
Sent:
To:
Subject:
[email protected]
Wednesday, April 14, 2010 11:51 AM
secretary
Public Comment Form
Below is the result of your feedback form. It was submitted by
([email protected]) on Wednesday, April 14, 2010 at 11:51:03
commenter_subject: New rules eliminating oil commodities speculation.
commenter comments:
I am writing in support of the CFTC's Proposed
Federal Speculative
Position Limits that will reestablish speculative
position limits on major
energy commodities. This rule will provide
stability to the marketplace
and help prevent future price bubbles. The CF TC
must quickly approve a
strong rule to protect America~i,½s struggling
economy. Wall Street'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 that
pushed the price of gasoline well past $4 per
gallon in 2008 by gambling
on oil and continue to profit at every
American~i, ½s expense.
Rampant oil speculation by large Wall Street
trading firms 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,
markets will continue to10-002
COMMENT
CL-01470
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 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.
Energy consumers desperately need stability in the
marketplace. I
encourage the CFTC to adopt the Proposed Federal
Speculative Position
Limits before volatile fuel prices further harm the
country's already
weakened economy.
Sincerely,
SAMUEL HILL
603-529-3979
commenter name: SAMUEL HILL
commenter_addressl : 96 Bart Clough Rd.
commenter_city: Weare
commenter state: Nit
commenter_zip: 03281
commenter~hone: 603-529-3979
