Comment Text:
10-002
COMMENT
CL-02542
From:
Sent:
To:
Subject:
[email protected]
Thursday,
April 15, 2010 1:14 PM
secretary
Proposed Speculative Position Limits on Energy
Harry Weisberger
P.O. Box 214
Rimrock, AZ 86335-0214
April 15, 2010
David Stawick
Secretary, Commodity Futures Trading Commission
Three Lafayette Centre
1155 21st Street, NW
Washington, DC 20581
Dear Mr. Stawick:
I strongly support the Commission's proposed Federal Speculative Position
Limits rule to reestablish limits on major energy commodities. Rampant oil
speculation has produced extreme energy market volatility and unwarranted
price spikes. This rule will provide marketplace stability and help
prevent future price bubbles. Wall Street's speculative trading in oil not
only hurts the economy but every American who pays excessive prices at the
pump, for groceries, home heating oil and everything related to
transportation.
Legitimate market supply-and-demand does not justify the current steep
increases in unleaded auto fuel prices, with supplies at record highs and
demand remaining weak. Nevertheless, unless the CFTC adopts the proposed
rule markets will continue to fluctuate wildly.
Position limits currently apply to agricultural commodities. CFTC should
use its existing experience to regulate position limits of speculators
while ensuring exemptions for genuine players such as fuel cooperatives,
public utilities, truckers and airlines.
I urge the CFTC to adopt the Proposed Federal Speculative Position Limits
before volatile fuel prices further harm the country's already weakened
economy.
Sincerely,
Harry Weisberger
928 567-5554
