Comment Text:
10-002
COMMENT
CL-01728
From:
Sent:
To:
Subject:
[email protected]
Wednesday, April 14, 2010 9:59 AM
secretary
Proposed Speculative Position Limits on Energy
Melvin D Peed
9056 SE 136th Loop
Summerfield, FL 34491-7974
April 14, 2010
David Stawick
Secretary, Commodity Futures Trading Commission
Three Lafayette Centre
1155 21st Street, NW
Washington, DC 20581
Dear Mr. Stawick:
Oil speculation by large Wall Street trading firms has resulted in extreme
volatility in energy markets and unwarranted price spikes in recent years.
This 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.
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.
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. This rule 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.
Sincerely,
Melvin D Peed
352-245-7356
