Comment Text:
10-002
COMMENT
CL-03595
From:
Sent:
To:
Subject:
sbolzman@rwcinc, com
Tuesday, April 13, 2010 1:43 PM
secretary
Proposed Speculative Position Limits on Energy
Scott Bolzman
1121 W. Nebobish
Essexville, MI 48732-9688
April 13, 2010
David Stawick
Secretary, Commodity Futures Trading Commission
Three Lafayette Centre
1155 21st Street, NW
Washington, DC 20581
Dear Mr. Stawick:
I know a lot of these are sent, but if the fuel price would be down, more
money would be out there for the economy to grow. More travel helping the
small towns, as even I do not travel far from home anymore because of it.
Lets focus on growing the economy, and quit this crazy bailout spending
with benifits to the exec. Lets get "good paying jobs" back into the USA,
tax imports, keep the jobs we have with good incentives for companies to
stay or that have stayed.
I am writing in support of reestablish speculative position limits on
major energy commodities. The rule that will provide stability to the
marketplace and help prevent future price bubbles. We 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 there is a rule, markets will continue to fluctuate wildly.
Position limits existed in energy markets until 2001 and currently apply
to agricultural commodities. We should use its existing experience to
regulate position limits of speculators and prevent excessive10-002
COMMENT
CL-03595
concentration in the energy markets, ~vhile 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.
Energy consumers desperately need stability in the marketplace. I
encourage the adoption of a Federal Speculative Position Limits before
volatile fuel prices further harm the country's already ~veakened economy.
Sincerely,
Scott
Bolzman
989-893-9601
