Comment Text:
Douglas Ross
3652 Ecker Hill Drive
Park City, UT 84098-5324
April 14, 2010
i0-002
COMMENT
CL-02695
David Stawick
Secretary, Commodity Futures Trading Commission
Three Lafayette Centre
1155 21st Street, NW
Washington, DC 20581
Re: Proposed Speculative Position Limits on Energy
Dear Mr. Stawick:
I am writing in support of the CFTC's Proposed Federal Speculative Position Limits that will reestablish speculative
position limits O
n
major energy commodities. This rule will provide stability to the marketplace and help preven~
future price bubbles. The CFTC must quickly approve a strong role to protect America's struggling economy. Wall
Street's speculative trading in oil not only hurts the economy, but hm~s 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 ftrms 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.
As a 33 year employee of the airline industry I can unequivocally say that oil prices have devastated my industry.
My company, as well as almost every airline, has been through bankruptcy and I have lost a 30+ year pension. No
business or market force has been' more destructive to my industry and career than oil prices. 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.
Douglag Ross
