Comment Text:
10-002
COMMENT
CL-02981
From:
Sent:
To:
Subject:
vbennett@hawaii, edu
Tuesday, April
13, 2010 12:28 PM
secretary
Proposed Speculative Position Limits on Energy
Virginia
Bennett
1201 Wilder Ave.
Honolulu, HI 96822-3166
April 13, 2010
David Stawick
Secretary, Commodity Futures Trading Commission
Three Lafayette Centre
1155 21st Street, NW
Washington, DC 20581
Dear Mr. Stawick:
I am a handicapped person, who relies heavily on my car to get from one
place to another. I am also 70 years old and shall have to retire in the
not too distant future. With the price of gasoline continually on the
rise, I may soon lose my mobility and independence. Therefor, 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 they 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-02981
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,
Virginia Bennett
808-956-4165
