Comment Text:
10-002
COMMENT
CL-04313
From:
Sent:
To:
Subject:
[email protected]
Tuesday, April 13, 2010 4:59 PM
secretary
Proposed Speculative Position Limits on Energy
Neil Thompson
9704 Kensington PKWY
Kensington, MD 20895-3519
April 13, 2010
David Stawick
Secretary, Commodity Futures Trading Commission
Three Lafayette Centre
1155 21st Street, NW
Washington, DC 20581
Dear Mr. Stawick:
THERE SHOULD BE RULES THAT LIMIT - 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. 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.
STABILITY VS. CHAOS - 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 MAINTAIN ECONOMIC STABILITY - 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.
ADOPT PROPOSED FEDERAL SPECULATIVE POSITION LIMITS - Energy consumers
desperately need stability in the marketplace. I encourage the CFTC to10-002
COMMENT
CL-04313
adopt the Proposed Federal Speculative Position Limits before volatile
fuel prices further harm the country's already weakened economy.
Sincerely,
Neil
301.335.4515
