Comment Text:
10-002
COMMENT
CL-03376
From:
Sent:
To:
Subject:
[email protected]
Tuesday, April 13, 2010 4:09 PM
secretary
Proposed Speculative Position Limits on Energy
Sydnee Singer
413 South Broadway, Suite A
Redondo Beach, CA 90277-3718
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 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.
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 are not exploited.
Energy consumers desperately need stability in the marketplace. I implore
the CFTC to adopt the Proposed Federal Speculative Position Limits before
volatile fuel prices further harm the country [] s already weakened economy.
Sincerely,
Sydnee Singer
310-540-997710-002
COMMENT
CL-03376
