Comment Text:
10-002
COMMENT
CL-03017
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Sent:
To:
Subject:
[email protected]
Tuesday, April 13, 2010 5:38 PM
secretary
Proposed Speculative Position Limits on Energy
Thomas Sherry
box 437
keypo~,WA 98345-0437
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 writing in support of the CFTC's Proposed Federal Speculative
Position Limits that will reestablish speculative position limits on maj or
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. Speculative trading in oil not only hurts every
American who pays excessive prices at the pump, for groceries, home
heating oil and everything related to transportation.
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.
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,
Thomas Sherry
3605098268
i0-002
COMMENT
CL-03017
