Comment Text:
10-002
COMMENT
CL-02150
From:
Sent:
To:
Subject:
[email protected]
Wednesday, April 14, 2010 1:54 PM
secretary
Proposed Speculative Position Limits on Energy
elizabeth houghton
6222 rosemary drive
cypress, CA 90630-3952
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 major
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. 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's 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 to
fluctuate wildly.
SO, HOW ABOUT HELPING US, JUST REGULAR PEOPLE, OUT OF THIS WHIPSAW
SITUATION?
Energy consumers (ME AND MY NEIGHBORS) 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,
elizabeth houghton
714-236-9355
