Comment Text:
10-002
COMMENT
CL-04948
From:
Sent:
To:
Subject:
[email protected]
Tuesday, April 13, 2010 11:23 AM
secretary
Proposed Speculative Position Limits on Energy
Karen Hughes
311 Crafts Ford Court
Wirtz, VA 24184-3672
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. 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. These same institutions pushed the price
of gasoline well past $4 per gallon in 2008 by gambling on oil. They
continued 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. Fundamental principles of supply and demand 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 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 urge the
CFTC to adopt the Proposed Federal Speculative Position Limits before
volatile fuel prices further harm the country's already weakened economy.Sincerely,
Karen Hughes
5405890424
10-002
COMMENT
CL-04948
