Comment Text:
10-002
COMMENT
CL-02979
From:
Sent:
To:
Subject:
vcs_wharvey@hotmail, com
Tuesday, April 13, 2010 11:49 AM
secretary
Proposed Speculative Position Limits on Energy
Wayne Harvey
po box 542
youngsville, NC 27596-0542
April 13, 2010
David Stawick
Secretary, Commodity Futures Trading Commission
Three Lafayette Centre
1155 21st Street, NW
Washington, DC 20581
Dear Mr. Stawick:
Gas is $3 a gallon and rising with huge supply and less demand. We're
quickly approaching hurricane season where oil and gas providers salivate
over the opportunity to raise prices. As a result 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-02979
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,
Wayne Harvey
9195544922
