Comment Text:
10-002
COMMENT
CL-03741
From:
Sent:
To:
Subject:
rodney.n.baldwin@intel, com
Tuesday, April 13, 2010 10:14 AM
secretary
Proposed Speculative Position Limits on Energy
Rodney Baldwin
5055 Brighton Hills Dr
Rio Rancho, NM 87144-0824
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 needed stability to the
marketplace and help prevent future price bubbles. It is way past time
for the CFTC to 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.
Frankly, I am sick and tired of paying higher prices at the pump because
of lack of action to prevent big banks from dominating oil markets. It is
past time to close loopholes and help return gas prices to reasonable
levels. I realize that Wall Street lobbyists will do everything they can
to prevent new oil trading rules but I am pleading with you to protect the
economy from future fuel price bubbles and stop the fat cats and
speculators from unfairly profiting during the worst recession in decades.
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 to10-002
COMMENT
CL-03741
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 CFTC to adopt the Proposed Federal Speculative Position
Limits before volatile fuel prices further harm the country's already
~veakened economy.
Sincerely,
Rodney Bald~vin
505-867-1691
