Comment Text:
10-002
COMMENT
CL-02248
From:
Sent:
To:
Subject:
bobert@spiritone, com
Wednesday, April
14, 2010 3:03 AM
secretary
Proposed Speculative Position Limits on Energy
Robert Sullivan
2022 N. Willamette Blvd
Portland, OR 97217-4405
April 14, 2010
David Stawick
Secretary, Commodity Futures Trading Commission
Three Lafayette Centre
1155 21st Street, NW
Washington, DC 20581
Dear Mr. Stawick:
It is fairly obvious to an average American citizen that high gasoline
prices are the result of unregulated speculation in oil by stock market
traders. The savvy traders make a lot of money and all on the backs of We
the Consumer. Middle America at the present is at the mercy of the greedy
traders and this must stop. 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.
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.10-002
COMMENT
CL-02248
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,
Robert Sullivan
503 285-4313
