Comment Text:
David Stawick,
Secretary,
Commodity Futures Trading Commission
Three Lafayette Centre
1155 21st Street, NW
Washington, DC 20581
i0-002
COMMENT
CL-02698
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
de~and remains Weak, fundamentals cannot explain recent pricehikes and dest[uctive 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 I,imiis of speculators and prevent
excessive concentration in the energy markets, while ensuring that exemptions to these limits
.afforded-to.real physical players-such .asfuel ;sooperatives~ public utilities, truckers, and airlines are
not exploited by big banks and billionaire investors.
-.
¯
Energy consumers desperately need stability in the marketplace. I encourage the CFTC to adopt the
Proposed Eederal Specu ative Position Limits before volatile fuel prices further harm the country's
already weal~ened economy.
Thank you,
Currie
1943 Stewart Ave.
New Hyde P.,ark New York.! 1040
,
',"
.,,
",
... .........
";. ':,.:~ !:: :;.'. ,.. [~; :).;. L~:~:L.,'
:- ' ';. ,'.
' "
